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TMI Blog2021 (9) TMI 327X X X X Extracts X X X X X X X X Extracts X X X X ..... e made in cash cannot be a basis to doubt the genuineness of the expenditure. Since the disallowance are made on adhoc basis by applying the rate of 15%, holding the assessee liable to pay penalty for furnishing inaccurate particulars of income cannot be held to be justified. - Decided in favour of assessee. - ITA.No.724/Ind/2019 (Assessment Year 2014-15) - - - Dated:- 19-2-2021 - HON BLE KUL BHARAT, JUDICIAL MEMBER AND HON BLE MANISH BORAD, ACCOUNTANT, MEMBER Assessee by: Shri S.S. Solanki, CA Revenue by: Shri Harshit Bari, Sr.DR ORDER PER MANISH BORAD, A.M The above captioned appeal filed at the instance of the assessee pertaining to Assessment Year 2014-15 is directed against the orders of Ld. Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring which assessee submitted that the penalty should not be levied on adhoc disallowance. Ld. A.O was not satisfied and he levied the penalty at ₹ 5,73,064/- u/s 271(1)(c) of the Act. Aggrieved assessee preferred appeal before Ld. CIT(A) but failed to succeed. 5. Now the assessee is in appeal before the Tribunal. 6. Ld. Counsel for the assessee took us through the paper book running from page no. 1 to 36 and also the paper book of case laws filed in support of the contention that the Ld. A.O was not justified in levying the penalty. Ld. Counsel for the assessee also submitted that the addition on which the penalty have been levied is in the nature of adhoc disallowance on which the penalty was not warranted. 7. Per contra Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing the inaccurate particulars of income but nowhere from the assessment order or the penalty order is discernable that what type of particulars have been filed incorrectly by the assessee. No efforts were made by the Ld. A.O during the course of assessment proceedings to examine the genuineness of the transaction of transport charges paid by the assessee to M/s Kosar Transport Company. Just because the payments were made in cash cannot be a basis to doubt the genuineness of the expenditure. Since the disallowance are made on adhoc basis by applying the rate of 15%, holding the assessee liable to pay penalty for furnishing inaccurate particulars of income cannot be held to be justified. 11. We therefore in the given facts and circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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