9911796707
TMI Blog2010 (10) TMI 47X X X X Extracts X X X X X X X X Extracts X X X X ..... ould produce only some of the Vayparies and failed to produce others, because they were not available - Held that: failure to produce Vayparies cannot be taken to be a concealment for fixing the penalty liability on the assessee - it was difficult to trace out such persons after the long time. The assessee has produced some of the depositors and there is no evidence of any concealment of income on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsons and their credit worthiness. The Assessing Authority had not accepted the explanation of the assessee and treated the such deposits as income under Section 68 of the Act. Being aggrieved by the order, the assessee filed an appeal before the Commissioner of Income Tax (Appeal), which has been allowed in part. Further the appeal has been filed before the Tribunal and the Tribunal has confirm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d failed to produce others, because they were not available. The matter related to the assessment year 1983-84 and the notices were issued under Section 131 in the year 1999. Thus, the assessee might not have been able to trace out the correct address of the Vayparies. In any case, it cannot be said that there was any concealment contumacious conduct in the par of the assessee. Mere failure to pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Vayparies did not appear and, therefore, in respect of those Vayparies, the addition was confirmed and the penalty is also liable to be confirmed. Having heard learned counsel for the parties, we have gone through the order of the Tribunal. The matter relates to the assessment year 1983-84 and the notices were issued under Section 131 of the Act in the year 1999. Therefore, it was difficult ..... X X X X Extracts X X X X X X X X Extracts X X X X
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