TMI Blog2018 (3) TMI 1806X X X X Extracts X X X X X X X X Extracts X X X X ..... very logical and reasonable explanation in respect of cash found to be deposited in the bank accounts. It is equally true that the said explanation did not find any favour with the A.O. But the fact remains that a very logical and reasonable explanation was given by the assessee. In our understanding of the facts, we do not find any this to be a fit case for the levy of penalty u/s. 271(1)(c) - Decided in favour of assessee. - ITA. No: 1078 & 1079/AHD/2015 (Assessment Year: 2009-10) - - - Dated:- 19-3-2018 - Shri N.K. Billaiya, Accountant Member And Shri Mahavir Prasad, Judicial Member Appellant by: Shri P. F. Jain, A.R. Respondent by: Shri G. C. Daxini, Sr. D.R. ORDER N.K. Billaiya, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. 5. The assessee was confronted with the statement of Shri Piyush Patel. The assessee stated that he does not know under what circumstances Shri Piyush Patel denied of having done any transaction, though the assessee still contends that the transactions were done. 6. On these facts, the A.O. treated the entire cash deposit as the income of the assessee and initiated penalty proceedings u/s. 271(1)(c) of the Act. 7. During the course of the penalty proceedings, the assessee filed an affidavit of Shri Piyush Patel who in his affidavit stated that he wanted to clarify the incorrect statement and for which he went to the Office of the Assessing Officer but was not allowed to given a fresh statem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upport the allegation of concealment, filing of inaccurate particulars of income but these cannot be the foundation for holding the assessee guilty of concealment/ filing of inaccurate particulars of income. In the light of this well settled principle, the affidavit of Shri Piyush Patel cannot be brushed aside lightly. We do not know under what circumstances Shri Piyush Patel made the statement before the A.O. but the contents of his affidavit are self explanatory though the same was not filed during the course of the assessment proceedings. 12. We find that after furnishing the affidavit, the assessee had made specific request for making further enquiries/investigation but no further enquiry was made by the A.O. If Utsav Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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