TMI Blog2012 (3) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... RA KUMAR JAIN, J. Sameer Jain for the Appellant. JUDGMENT Narendra Kumar Jain, J. Heard the learned counsel for the appellant. 2. The Revenue has preferred this Income Tax Appeal under Section 260A of the Income Tax Act against order dated 27th November, 2009 passed by the Income Tax Appellate Authority, Jaipur Bench 'B', Jaipur, whereby appeal filed by revenue, against order of first appellate authority deleting the penalty levied under Section 271(1)(c) of the Act of ₹ 10,87,752/- has been dismissed. 3. Briefly stated the facts of the appeal are that Assessing Officer passed an order dated 4.6.2008 under Section 271(1)(c) of the Income Tax Act levying penalty of ₹ 10,87,752/- on the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of learned counsel for appellant and examined the reasons assigned by Appellate Authority as well as Appellate Tribunal for setting aside the penalty order. 7. The appellate authority as well as the appellate Tribunal both considered the matter in detail and by speaking order set aside the penalty levied by Assessing Officer, in the facts and circumstances of the present case. The relevant portion of Para 7 of order of the Tribunal is reproduced as under:- Para 7. .....The enquiry conducted by the AO may lead to arrive at the findings as to whether the particulars disclosed are truthful or false or not proved to be satisfactory. In the first case it would be a positive case of no concealment, in second case it would be a positive cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome wages were shown outstanding without complete details of creditors, stock register was not maintained and misc. expenses on water transportation etc. were not verifiable and purchase vouchers of sand, steel, bajri etc. were self made etc. Assessee explained reasons for the above defects which were not accepted by the AO as not found satisfactory. The AO accordingly made estimation. The circumstances suggest that it may be just and proper case of making estimated trading addition but an inference therefrom cannot be drawn beyond doubt especially keeping in mind the nature of work in not maintaining those books and details supported with proper vouchers etc. that there was concealment of particulars of income or furnishing inaccurate part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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