TMI Blog2011 (11) TMI 672X X X X Extracts X X X X X X X X Extracts X X X X ..... s. To buy piece and to avoid litigation assessee surrendered this amount for taxation. It is further seen that the amount of difference has been paid by the assessee in subsequent year, partly by cheque and partly by cash. Copy of statement was produced during appellate proceeding. Therefore it can not be said that assessee has furnished in-accurate particular for concealing any income. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 1,93,160/- in the name of Jagannath Traders. AO made enquiry u/s 133(6) from Jagannath Traders and found that as per their books there is difference of ₹ 1,93,160/- in the account of appellant. This was brought to the notice of appellant by AO. He agreed to surrender the amount of ₹ 1,93,160/- and paid tax on the same. Penalty proceedings were also initiated during the course of as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced during appellate proceeding. Therefore it can not be said that assessee has furnished in-accurate particular for concealing any income. Accordingly, I hold that no penalty is leviable on this amount. It is also seen that the amount coming from early year as the same was shown as opening balance, therefore, for this reason also no penalty is leviable in the year considering. In view of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
