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2012 (9) TMI 440 - ITAT DELHIPenalty u/s 271(1)(c) - addition to deemed dividend - Held that:- As all the concerned facts were duly disclosed by the assessee in the assessment proceedings, stating that a sum of Rs. 7,65,921/- was due to the assessee from the company and also that the amounts received represented Rs. 6 lac as security deposit against property given on rent to the company and advance of Rs. 4,50,000/- received against salary in the capacity of director holding 67.40% of the company’s shareholdings. The balance sheet of the company contains the name of the assessee under the schedule of ‘Loans and advances.’ No intention of either furnishing inaccurate particulars of income or concealment of any particulars of income is, therefore, manifest. The belief of the assessee regarding both the components, i.e., the security deposit, as well as the advance received, has not been shown to be not bona fide. Orders for addition on the difference of credit and debit balance amounting to Rs. 18,94,309/- and the assessee did not file any appeal against the addition, thus mere fact that the assessee did not prefer any appeal against addition in the quantum proceedings does not lead to automatic levy of concealment penalty, particularly when the belief nurtured by the assessee has not been shown to be mala fide - in favour of assessee.
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