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Kavita K. Salian Versus ITO 20 (1) (4) Mumbai

2017 (3) TMI 429 - ITAT MUMBAI

Penalty u/s.271(1)(c) - unconfirmed/unsubstantiated cash credit - Assessee’s claim is that the necessary particulars were duly submitted - Held that:- 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 conceal .....

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- 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, JUDICIAL MEMBER Assessee by : None Revenue by : Shri. Rajesh Kumar Yadav ORDER Per: Shamim Ya .....

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₹ 2,00,000/- On account of Cash Credit in hands of the assessee. This addition was made since the assessee has not explained satisfactorily the cash payment of ₹ 2,00000/- made to the various labors at the sight of M/s. Shakti Acqva and also by M/s. Shakti Acqva on behalf of the assessee. The another addition was made on account of unproved loans to the extent of ₹ 1,75,000/- since the assessee has failed to prove the genuineness of loans transactions for loan taken from the lo .....

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o 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 t .....

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oceedings as under; I have received you notice for imposing a penalty u/s. 271(1)(C). It seems that you are proposing to impose penalty u/s/ 271(1)(C) in respect of addtions made on two counts in the assessment order namerly; Unexplained cash credit of ₹ 2lacs. Unproved loans to the extent of ₹ 1.74lacs I wish to submit the following facts for your kind perusal. Cash Credit of ₹ 2 lacs ₹ 2,00,000/- were received from M/s Shakti Aquaculture Ltd to tide over the financial c .....

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of ₹ 1.74 Lacs During the assessment proceedings, I had submitted all 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 (preval .....

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x levied on additions made in the scrutiny assessment. Further, penalty will be too harsh and will put me in financial hardships. Further, there is no specific wrong show to have been committed attracting the penalty provisions. In my case, the concept of 'mens rea' is completely absent and it is not proved. 'Mens Rea' is the bask foundation for imposition of penalty. Mens Rea' is evil intention of knowledge of the wrongfulness or the act that a person commits. it is said to .....

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