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TMI Blog2015 (4) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... dent from the fact that the reopening notice under Section 148 of the Act was issued on 22/03/2012 seeking to reopen the assessment for AY 2007-08. This notice for reopening dated 22/03/2012 is identical to the basis of the explanation offered by the respondent-Assessee viz. that there was a sale of property which resulted in the Assessee being paid ₹ 92.00 lakhs. Thus, there is no reason shown to us to disturb the concurrent findings of fact arrived at by the Commissioner of Income Tax (Appeals) and Tribunal . No substantial question of law - Decided against revenue. - Tax Appeal No. 53 of 2014 - - - Dated:- 26-3-2015 - F. M. Reis And M. S. Sanklecha,JJ. For the Petitioner : Mr Asha A Desia, Adv. For the Respondent : Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was on account of the fact that from the balance sheet of the respondent-Assessee it appeared that the respondent-Assessee had shown borrowings/advances towards ancestral share in property at ₹ 58.87 lakhs. The Assessee was able to prove the genuineness of this borrowing/advances to the extent of ₹ 9.7 lakhs. Thus the remaining amount of ₹ 49.79 lakhs was treated as unexplained cash credit under Section 68 of the Act. However, in view of Section 5A of the Act an amount of ₹ 24.89 lakhs was added to the respondent's declared income arriving to the aggregate income of ₹ 26.65 lakhs. 4. Being aggrieved, the respondent-Assessee filed appeals from the assessment order dated 29/12/2009. The appeal was dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. On further appeal by the respondent-Assessee the Tribunal by the impugned order dated 27/01/2014 upheld the order of the Commissioner of Income Tax (Appeals). The impugned order also accepts the explanation offered by the respondent-Assessee and thus held no penalty is imposable under Section 271(1)(c) of the Act. Besides upholding the finding of the Commissioner of Income Tax (Appeals) that no occasion to invoke Section 68 of the Act can arise as there was no cash credited to the account of the respondent- Assessee and not being able to prove the liability does not mean furnishing of inaccurate particulars or concealing particulars of income. 8. It is very pertinent to note that even before the order dated 27/11/2012 was passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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