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TMI Blog2014 (7) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars - What is to be seen is whether the said claim made by the assessee was bona fide and whether all the material facts relevant thereto have been furnished and once it is so established, the assessee cannot be held liable for concealment penalty u/s 271(1) (c) of the Act – as all the necessary facts were furnished, simply because the addition has been made it does not call for levy of penalty u/s 271(l)(c) – Decided in favour of Assessee. - I.T. A. No. 2758/AHD/2012 - - - Dated:- 25-7-2014 - Shri G. C. Gupta And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri Tushar Hemani For the Respondent : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e unexplained money of appellant into explained credits. It has been categorically brought on record by AO that in the case of each creditor cash amounts have been deposited just before issuing cheques by those persons to the appellant. All these persons are men of no means and only significant transaction in their bank accounts during the year under consideration has been the cash deposit and issuance of cheque to the appellant. Though these persons have filed their returns of income but everybody is having below taxable income so no taxes have been paid. It makes clear that the return of income have got been filed by these persons just to give the color of genuineness for explaining the cash credits shown by appellant. The credit worthine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the depositors and the copy of the bank pass book/bank statements of the depositors. He therefore submitted that Assessee has fully discharged the onus of proving not only the identity of the depositors but had also established the genuineness of transaction and the creditworthiness of the depositors. A.O further considered the loan received by the Assessee as not genuine for the reason that the depositors had deposited the amounts in cash in their bank accounts before granting loan to the Assessee. The ld. A.R. further submitted that Assessee was not expected to prove source of source of the deposits. He therefore submitted that it is not a case where the details furnished by the Assessee were found to be false nor is the case where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT to be false, or (iii) the person offers explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him. If the case of any assessee falls in any of these three categories, then according to the deeming provision provided in Expln. 1 to section. 271(l)(c) the amount added or disallowed in computing the total income shall be considered as the income in respect of which particulars have been concealed, for the purposes of clause. (c) of s. 271(1), and the penalty follows. On the other hand, if the assessee is able to offer an explanation, which is not found by the authorities to be false, and assessee has been able to prove that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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