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TMI Blog2019 (9) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... f penalty is not warranted. Hence, we do not find any fallacy in the reasoning of the Ld.CIT(A) while dealing with the penalty in respect of addition of unexplained cash credit. Accordingly, we do not find any merit in the appeal filed by the Revenue. - I.T.A. No. 375 Chny/2019 - - - Dated:- 14-8-2019 - N.R.S. GANESAN (JUDICIAL MEMBER) AND INTURI RAMA RAO (ACCOUNTANT MEMBER) Appellant by : Shri R. Clement Ramesh Kumar, JCIT Respondent by : Shri B. Ramakrishnan, FCA O R D E R INTURI RAMA RAO, This is an appeal filed by the Revenue directed against the order of the Commissioner of Income Tax (Appeals)-13, Chennai, (in short CIT(A) ) dated 28.11.2018 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of trading in leather. The return of income for the assessment year 2015-16 was filed on 28.09.2015 disclosing total income of ₹ 94,30,000/-. Against the said return of income, the assessment was completed by the Assistant Commissioner of Income Tax, Circle-1, Vellore (hereinafter referred as AO') vide order dated 19.12.2017 passed U/s.143(3) of the Income Tax Act, 1961 (in short the Act ) at total income of ₹ 2,05,89,100/- after making several additions which includes inter-alia, addition on account of unexplained cash credit in the capital account of ₹ 1,08,00,000/-, rental income of ₹ 3,59,100/-. It appears that the appellant had not agitated the addition before appellate forum. Further the AO also initia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty was issued for furnishing inaccurate particulars whereas the penalty was imposed for the concealment of particulars of income which is not permissible under law and he placed reliance on the decision of the Third Member of the Tribunal in the case of HPCL Mittal Energy Ltd., vs. ACIT reported in 97 taxmann.com 3 and in the decision of the Hon ble High Court of Bombay in the case of CIT vs. Samson Perinchery reported in 88 taxmann.com 413. Further, he submitted that mere non-acceptance of the explanation of the assessee, does not tantamount to furnishing of inaccurate particulars of income. 6. We heard the rival submissions and perused the material on record. The sole issue involved in the present appeal is whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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