TMI Blog2017 (3) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... income leads to an inference that there was concealment. This is totally against the exposition of the Hon’ble Apex Court in the case of Reliance Petro product [2010 (3) TMI 80 - SUPREME COURT] Furthermore we note that a larger bench of the Hon’ble Apex Court in the case of Hindustan steel Ltd vs State of Orissa [1969 (8) TMI 31 - SUPREME Court] had expounded that penalty need not be levied if the conduct of the assessee is not found to be contumacious. In the facts and circumstances of this case in our considered opinion the assessee's conduct is not contumacious to warrant levy of penalty. - Decided in favour of assessee. - ITA No. 6149/Mum./2013 - - - Dated:- 7-3-2017 - SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... served on the assessee. Since the assessee could not comply the notice issue u/s.271(J)(C), a another opportunity is given to the assessee for filing of her written reply by issue of letter dated 07-06-2011 which is also duly served on the assessee. In response to the above notices, the assessee has filed her submissions vide her letter, received in this office on 20-06-2011, as under: Also, the amount of unproved loan of ₹ 1,74,000/- was rightly considered as the assessee's income from undisclosed sources, as the assessee has failed to substantiate this loan transaction alongwith the sources of income of the loan creditors, their credit worthiness and capacity of issuance of loans. Since the genuineness of the loan transact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the details of loan creditors of ₹ 3.04Lacs. Out of which, the 14 AO had disallowed creditors worth ₹ 1.74 lacs and added back to the returned income under the pretext of incomplete details. I respectfully that additions of unsecured loans on account of Incomplete details cannot be construed as fling of inaccurate or false details. I had submitted all the details - address, loan confirmations, GIR Nos (prevalent identification number in Income Tax Department which was similar to PAN). However, the loans were not proven as false. Since many years have been passed, it was very difficult to track the people and obtain evidence of loan and proof of their ability to provide loan. This cannot be interpreted as unsecured loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the assessee. But in our considered opinion the issue can be adjudicated by hearing the learned departmental representative and perusing the records. 6. We find that in this case penalty has been levied on account of addition of 4.74 lacks. These were held to be unconfirmed/unsubstantiated cash credit. Assessee s claim is that the necessary particulars were duly submitted. The lack of response from the creditors cannot lead to an inference of concealment. As regards the cash credit of ₹ 2 lacks it has been submitted that name of the party was duly disclosed and assessing officer has failed to take cognizance of the same. In these circumstances in our considered opinion assessee cannot be held guilty of concealment or furn ..... X X X X Extracts X X X X X X X X Extracts X X X X
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