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TMI Blog2016 (2) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... benefit of doubt will go in favour of assessee. We thus while setting aside orders of the authorities below direct the Assessing Officer to delete the penalties in question in the assessment year 2003-04 and ₹ 15,38,030 in assessment year 2004-05 levied under sec. 271(1)(c) of the Act. - Decided in favour of assessee - ITA Nos. 555 & 556/Del/2012 - - - Dated:- 26-11-2015 - SHRI I.C. SUDHIR AND SHRI L.P. SAHU For The Appellant : Shri Ashwani Kumar, CA For The Respondent : Shri Rajiv Ranka, Sr. DR ORDER PER I.C. SUDHIR: JUDICIAL MEMBER In these appeals for the assessment years 2003-04 and 2004-05, the assessee has questioned penalty levied under sec. 271(1)(c) of the Incometax Act, 1961 at ₹ 6,75,465 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... articulars thereof on the part of the assessee towards the above additions. The Learned CIT(Appeals) has upheld the same which has been questioned before us. 6. In support of the grounds involving the issue the Learned AR submitted that during the relevant previous year claimed deduction for expenses on account of contractual payment for job work amounting to ₹ 18,38,000 in assessment year 2003-04 and ₹ 42,87,200 in assessment year 2004-05 to Globextech India Ltd. In the course of reassessment proceedings , in response to the query raised from the Assessing Officer, the assessee vide letter dated 21.11.2009 submitted copy of ledger account of Globextech India Ltd. with this further submission that in view of the information b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CTR 187 (Del.); iv) Jai Narayan Babu Lal vs. CIT 170 ITR 399 (Bom.); 8. The Learned AR also cited the decisions Nagpur Bench of the ITAT in the case of Sonu Liquor Traders vs. DCIT 100 ITD 455 (Nagpur) holding that the fact the assessee has accepted assessment of income to avoid litigation would not automatically lead to conclusion that it had concealed income. 9. The learned Senior DR on the other hand placed reliance on the orders of the authorities below. He submitted that only because some evidences were found during the course of search on S.K. Group of Cases showing that S.K. Gupta Group had about 30 paper companies , one of which was Globextech India Ltd. to which assessee had paid amount in question in the years under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (P) Ltd. by the assessee on the basis that due to search and seizure operation conducted at the premises of S.K. Gupta Group of Companies, it was revealed that Globextech India Pvt. Ltd. was one of the paper companies and the assessee had surrendered the amount for taxation only because it was having no explanation. Thus, as per the authorities below, it was concealment of income and furnishing inaccurate particulars thereof on the part of the assessee to attract the penal provisions. The explanation of the assessee remained that the matter was old and the assessee was having no other evidence than the ledger account of Globextech India Ltd. in the books of the assessee, hence, to avoid litigation, it had offered the claimed payment for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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