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TMI Blog2018 (7) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... the considered opinion that inassuch as the penalty is not warranted on the addition based upon the probabilities, hence, we are inclined to delete the same by setting aside the order impugned herein passed by the learned Commissioner of Income-tax (Appeals) - Appeal filed by the assessee is allowed. - I. T. A. No. 221 (Asr)/2016 - - - Dated:- 29-5-2018 - SANJAY ARORA (Accountant Member) and N. K. CHOUDHRY (Judicial Member) Tarun Bansal, Advocate- For the appellant. Rajeev Gubgotra, Departmental representative- For the respondent. ORDER The order of the Bench was pronounced by 1. N. K. Choudhry (Judicial Member).- The instant appeal has been preferred by the assessee-appellant, on feeling aggrieved against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce under section 274 dated 'nil' and is bad in law. 5. That the learned Commissioner of Income-tax (Appeals) has wrongly confirmed the fact, in the (second round) penalty order under section 271(1)(c) dated February 17, 2016 (at page 4, paragraph 3.7) mentioning that the addition of Rs. two lakhs on account of loan from Shri Paramjit Singh Kaur was sustained in appeal by the honourable Income-tax Appellate Tribunal, Amritsar, Amritsar. 6. That the order of the learned Assessing Officer and the learned Commissioner of Income-tax (Appeals) is bad in law as well as on facts. 3. The brief facts of the case are that in the first round, the quantum order was passed on dated November 10, 2006 by the Assessing Officer which was su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome held by Assessing Officer as from undis closed sources, however, confirmed the penalty on the addition of Rs. two lakhs which alleged to be taken as loan from Sh. Barinder Pal Singh. 4. We have heard the parties at length and gone through with the facts and circumstances of the case as in the instant case, the single issue relates to the levy of penalty on the amount of Rs. two lakhs which was claimed by the assessee as loan taken from Sh. Barinder Pal Singh, however, it was held by the learned Assessing Officer as unexplained credit in the name of Sh. Barinder Pal Singh a Government teacher which resulted into the addition of Rs. two lakhs. The aforesaid addition of Rs. two Lakhs was deleted by the learned Commissioner of Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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