9911796707
TMI Blog1981 (6) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... has challenged the levy of penalty in this appeal. 2. The assessee is an individual and derives income from pawn brooking business. He filed a return of income on 31st March, 1976 admitting income of Rs. 13,156 and the assessment was completed on total income of Rs. 30,160 inclusive of Rs. 11,000 representing loan, which has been added back as the income of the assessee and Rs. 6,000 by way of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the disallowance made by the AAC. In other words the Tribunal has accepted the probability of savings from agricultural income to the extent of Rs. 6,000 and the balance addition has been sustained. 3. The ITO has duly considered the reply dt. 20th March, 1979 furnished by the assessee in which it was stated that there was no concealment o finch on the part of the assessee and the penalty proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a question of difference of opinion as to the acceptability of the e Idec produced in support of the loan. The conclusion of the authorities or the appellate authorities that the creditor would not have lent the amount of Rs. 11,000 to the assessee could not lead to the inference that the credit actually represented concealed income. Further he argued that the levy of penalty is against the spi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he purpose of assessment would not be adequate for sustaining penalty levied for charge of concealment of income. The law in this respect if now well-settled by the decisions of the Supreme Court in the case of CIT vs. Anwar Ali, reported in (1970) 76 ITR 696 (SC), CIT vs. Khoday Easwar Sa Sons, reported in 1972 CTR (SC) 295 : (1972) 83 ITR 369 (SC) and Hindustan Steel Ltd. Vs. State of Orissa, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t partly. There is no material on record to establish that the assessee has concealed the particulars of his income or furnished inaccurate particulars of such income. Therefore, notwithstanding the fact that an addition of Rs. 5,000 has been sustained by the Tribunal in the quantum appeal, the penalty imposed cannot be sustained in the absence of any material on record to hold that it constituted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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