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2013 (9) TMI 530 - ITAT JODHPURPenalty u/s 271(1)(c) - Held that:- The revenue has to prove that the assessee has either concealed particulars of his income or has furnished inaccurate particulars of his income -There is no finding by the A.O. that the surrendered cash creditors are bogus - the penalty cannot sustained - under section 271(1)(c) penalty can be levied only if either the act of "concealment of particulars of income" or "furnishing of inaccurate particulars of income" is found to have been committed by the assessee – Following Dilip N. Shroff vs JCIT & Another [2007 (5) TMI 198 - SUPREME Court] and CIT vs Reliance Petroproducts Pvt. Ltd.[ 2010 (3) TMI 80 - SUPREME COURT] The assessee has claimed to have loans from 45 parties. Out of them the assessee had produced duly attested and properly sworn-in affidavits of 23 parties, wherein, they not only have confirmed the factum of their deposit but have also explained the source(s) thereof. It was only when the A.O. asked the assessee to produce all the 45 parties before him, the assessee not finding it feasible and being unable to comply, made a bonafide surrender of the total amount qua them. By the mere reason of such concealment or of furnishing of inaccurate particulars alone, the assessee does not, ipso facto, become liable to a penalty. Imposition of penalty is not at all automatic. Meaning thereby, any addition in quantum would not lead to automatic levy of penalty and this is also true in respect of furnishing of inaccurate particulars of income – Decided in favour of Assessee.
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