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TMI Blog2013 (2) TMI 181X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst under the provisions of Section 271(1)(c). It has further held that the confirmation of third parties in regard to the balances appearing in books of account which differ from the ones recorded in the books of the assessee is an evidence against the assessee, which he must rebut with the material available with him and not only no efforts were made to do so the assessee kept on seeking adjournments till he was cornered by the third parties to prove inaccurate particulars of income shown by him. The Tribunal has held that from mere surrender would not absolve him from the charge against as levied. Thus the aforesaid finding recorded by the Tribunal clearly shows that at no point of time the assessee offered any explanation regardin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of the penalty imposed under Section 271(1)(c) of the Act. The appellant is a registered partnership firm. For the Assessment Year 1989-90 it had filed its return of income declaring income of Rs. 69,170/-. Regular assessment proceedings under Section 143(3) of the Act was initiated and in response to the same a notice under Section 143(2) of the Act was issued. The assessee along with its counsel participated and furnished the requisition information. An extra liability of Rs. 2,26,079.65 in respect of certain sundry creditors was found by the Assessing Officer and the appellant was required to explain the difference. In the reply filed by the appellant it was stated that the balance as per account books are correct and balance shown ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing for the Department, however, submitted that when the appellant was asked to explain the difference in the appellant's papers in respect of the sundry creditors' account in respect of unexplained difference he simply stated that the amount shown was not correct but in order to buy peace it has surrendered the amount for adding in the income which shows that there was no plausible explanation available to the appellant. According to him, the Tribunal had rightly upheld the levying of penalty. 6. We have given our thoughtful consideration to the various plea raised by the learned counsel for the parties. From the order of the Tribunal as also of the authorities below we find that the Tribunal has held that except reiterating its stand th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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