9911796707
TMI Blog2010 (1) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... would not co-operate, assessee's bank statement showing that the loan was taken by crossed bank cheques and the transactions were through banking channel,not a case of either concealment of income or furnishing of inaccurate particulars of income. Accordingly, penalty deleted. appeal filed by the assessee is allowed. - I. T. A. No. 1323/Mds/2009, - - - Dated:- 21-1-2010 - N. Barathvaja Sankar, Vijay Pal Rao, JJ. K Sundarajan for the Appellant B. Srinivas for the Respondent ORDER Vijay Pal Rao, Judicial Member:- This appeal by the assessee is directed against the order dated June 15, 2009 of the Commissioner of Income-tax (Appeals), Tiruchirapalli arising from penalty order under section 271(1)(c) of the Income-tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On appeal, the learned Commissioner of Income-tax (Appeals) has confirmed the penalty levied by the Assessing Officer on the ground that the assessee agreed to the addition. Before us, learned counsel for the assessee has submitted that the assessee had obtained the loan by crossed bank cheques and they were routed through the bank account of the assessee-firm. He has further contended that the assessee has also filed a copy of the bank account for proof of collection of the cheques through banking channel. Since there was misunderstanding and dispute between the assessee and the creditor Shri Balasubramanian, the assessee could not produce the said creditor and the genuineness and identity of the creditor is not disputed. He has furnishe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed upon the following decisions:- Addl. CIT v. E. Bhoopathy [1978] 113 ITR 188 (Mad). CIT v. Prathi Hardware Stores [1993] 203 ITR 641 (Orissa). After considering the rival contentions and relevant records, we find that the assessee has shown loans of Rs. 3 lakhs each from two creditors, out of which one creditor, namely, Ms. Vanaja appeared before the Assessing Officer and confirmed the loan transaction by producing the relevant evidence but the other creditor, Shri Balasubramanian did not appear before the Assessing Officer. Accordingly, the Assessing Officer made the addition when the assessee expressed his inability to produce the creditor. It is clear from the assessment order that the representative of the assessee submitted bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
