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TMI Blog2013 (10) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... facts that the accounts were duly audited and pertain to a much earlier year, it is not a fit case for levy of penalty. The assessee's claim is of the books of accounts having been destroyed in a natural calamity may not have been accepted in the quantum assessment proceedings – Penalty deleted – Decided in favor of Assessee. - ITA No. 1710/Ahd/2010 - - - Dated:- 28-6-2013 - Pramod Kumar And Shri Kul Bharat, JJ. For the Appellant : J.P. Shah. For the Respondent : Y.P. Verma. ORDER:- PER : Pramod Kumar By way of this appeal, the assessee appellant has called into question correctness of order dated 5th February 2010, passed by the learned Commissioner (Appeals) in the matter of penalty under section 271(1)(c) of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that the assessee had opened some fictitious accounts in the bank, as the persons, in whose names these accounts were opened and who were introduced by the assessee, were not traceable. While the additions in respect of the benami account itself was deleted, an addition was also made in respect if certain expenses which were claimed to have been incurred through these persons. The Assessing Officer was of the view that these expenses represent bogus expenses. Learned CIT(A) also confirmed this action of the Assessing Officer. When the matter travelled in appeal, even as the Tribunal deleted addition in respect of benami accounts and held that "the revenue has not been able to discharge the onus of proving that four different pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a case in which the assessee has been denied the benefit of doubt as the assessee was unable to produce the books of accounts, but that confirmation of quantum addition by itself cannot be reason enough to conclude that penalty is to be imposed. In penalty proceedings, an explanation of the assessee is not required to be substantiated to the hilt and all that is to be examined whether the explanation is bona fide, reasonable and can indeed stand the test of preponderance of probabilities. In our considered view, in the given situation and particularly as the addition for benami accounts stands deleted and there is no dispute about the facts that the accounts were duly audited and pertain to a much earlier year, we are of the considered vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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