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Shri Ashok Kumar Kamdar Versus The Income Tax Officer, Kishangarh.

2011 (11) TMI 672 - ITAT JAIPUR

Levy of penalty u/s 271(1)(c) - Held that:- It is seen that there was a credit balance of ₹ 1,93,160/- in the name of Jagannath Traders as opening balance. The assessee surrendered this amount on account of difference in accounts of both the pa .....

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tly 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. Accordingly, hold that no penalty is leviable on this amount. It is al .....

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A No.684/JP/11 - Dated:- 18-11-2011 - SHRI R.K.GUPTA J.M. For the Appellant : Shri Manish Agarwal For the Respondent: Shri D.K.Meena ORDER PER R.K.GUPTA,J.M. This appeal by assessee against confirming the levy of penalty at ₹ 52,120/- levied u/ .....

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O 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 ₹ .....

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. After considering the order of Ld.CIT(A) and written submission filed on behalf of assessee, I found that assessee deserve to succeed in his appeal. It is seen that there was a credit balance of ₹ 1,93,160/- in the name of Jagannath Traders a .....

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