TMI Blog2018 (2) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... er. No doubt for non-acceptance of explanations of the assessee, addition can be made but penalty under section 158BFA could not be sustained. We, therefore, find no merit in the penalty levied by the AO and confirmed by the ld. CIT(A). Accordingly, we set aside the order of the CIT(A) and delete the penalty. - Decided in favour of assessee. - ITA No.768/LKW/2016, Block Period from 1/4/1998 to 12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee. The Assessing Officer accordingly initiated penalty proceedings under section 158BFA of the Act. The ld. A.R. of the assessee has contended that small small additions were made on account of unexplained investment under different heads. Though the assessee has furnished explanation, but it was not accepted by the Assessing Officer. Therefore, on account of non-acceptance of the ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained acquisition of stock of Gold jewellery Rs. NIL 3. Unexplained acquisition of KVPs and its accrued interest Rs.48,560/- 4. Unexplained deposits in the S/B A/c No.3035 Rs.7,344/- 5. Unexplained acquisition of NSC and its accrued inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LP-3 (166) Rs.1,98,500/- 12. Undisclosed income Rs.nil Total undisclosed income Rs.5,23,895/- 5. Being not convinced with the explanations of the assessee with regard to small investments, the Assessing Officer has levied penalty under section 158BFA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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