9911796707
TMI Blog2019 (1) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... received, was there in the P & L Account of the assessee, which inadvertently not there in the original return of income, however, those were again filed in the revised return of the assessee. There was no deliberate intention from the facts on record which can even hint that the assessee was trying to conceal his income. The books of account especially P & L Account were already filed with the Department. All the transactions from which income earned was mentioned therein. Penalty order is liable to be quashed. - Decided in favour of assessee - ITA No.504/PUN/2017 - - - Dated:- 22-1-2019 - Shri R.S. Syal, VP And Shri Partha Sarathi Chaudhury, JM For the Assessee : None For the Revenue : Shri Pankaj Garg ORDER PER PA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. We have recorded the presence of the Ld. DR. 5. That on perusal of the penalty order passed u/s.271(1)(c) of the Act, the brief facts emerging in this case are that the assessment was completed u/s.143(3) of the Act on 08.03.2013 determining total income at ₹ 10,51,200/- as against return income of ₹ 8,83,920/-. During the course of assessment proceedings on verification of creditors, it was noticed by the Assessing Officer that assessee has shown unsecured loan from Amit Jalan at ₹ 20,00,000/- was against the investment made in the Prayaja City, Pune. The Ld. AR of the assessee has submitted that this property was proposed to be purchased from Amit Jalan who has already booked this property with the property dea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in providing details of transactions in such return. In absence of this exercise by the Assessing Officer, the assessee would have concealed the income. However, in the penalty order, we find that it is admitted by the Assessing Officer himself that from transactions the income received has been credited to the P L Account of the assessee. This facts signifies that the intention of the assessee was never to defraud the Revenue. The details of the transactions through which the income has been received, was there in the P L Account of the assessee, which inadvertently not there in the original return of income, however, those were again filed in the revised return of the assessee. There was no deliberate intention from the facts on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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