TMI Blog2017 (12) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... at the assessee would have furnished if the time is given and not after lapse of time of years. AO has not taken any positive step to demonstrate the incorrectness of the details so furnished by the assessee. Therefore, in the absence of positive incriminating information against the assessee, in our view, levy of penalty u/s.271(1)(c)is not justified. It may be good enough for confirming the additions on merit in quantum appeals but certainly falls short of the requirement of confirming the penalty u/s.271(1)(c) - Decided in favour of assessee. - ITA No.281/PUN/2016 - - - Dated:- 13-12-2017 - SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM For The Assessee : Shri Prayag Jha, Shri Prateek Jha For The Revenue : Smt. Nirupam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said deposits and restricted the addition to ₹ 5,15,000/- involving 19 depositors. List of these depositors is enlisted on Page 3 vide Para No.4.1 of the penalty order. AO proceeded to levy penalty on the confirmed addition by the CIT(A) amounting to ₹ 5,15,000/-. Eventually, for furnishing inaccurate particulars of income, the AO levied the penalty of ₹ 1,77,350/- @100% of the tax sought to be evaded vide order dated 19-03-2013. Furnishing of stereotyped letters, failure to establish the identity, capacity and genuineness of the depositors and failure to furnish 19 confirmation letters out of 53 depositors are the reasons for levying the penalty. 4. CIT(A) confirmed the said penalty as per the discussion given in Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty u/s.271(1)(c) of the Act. Further, he relied on the judgment of Hon ble Gujarat High Court in the case of National Textiles Vs. CIT reported in 114 taxmann 203 (Guj.) for the proposition that absence of proof acceptable to the department cannot be equated with fraud or willful default. There is no positive evidence gathered by the AO against the assessee with regard to the correctness of the deposits received by the assessee. It is a matter of furnishing documents and the same cannot be equated with concealment of income or deemed concealment of income. Further, he relied on the decision of Delhi Bench of the Tribunal in the case of Saket Agarwal Vs ITO reported in 36 taxmann.com 288 for the proposition that finality in the assessment is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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