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TMI Blog2021 (12) TMI 863X X X X Extracts X X X X X X X X Extracts X X X X ..... ness prudence. When source of the cash receipt of ₹ 6,00,000/- is not in dispute and transaction between Shri Sanjay Malik and his father Shri Iqbal Singh Malik has also not been disputed by Revenue and it has not prejudiced the interest of the Revenue in any manner as no tax avoidance and tax evasion has been alleged or proved, we find that AO/ld.CIT(A) have erred in levying/confirming the penalty. Consequently, impugned order passed by the ld. CIT (A) is set aside and penalty levied by AO and confirmed by ld. CIT(A) is ordered to be deleted - Decided in favour of assessee. - ITA NO.1172/DEL/2018 - - - Dated:- 25-11-2021 - Shri Anil Chaturvedi, Accountant Member And Shri Kuldip Singh, Judicial Member For the Assessee : N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee carried the matter before the ld. CIT (A) by way of filing the appeal who has confirmed the penalty by dismissing the appeal. Feeling aggrieved by the order passed by the ld. CIT (A), the assessee has come up before the Tribunal by way of filing the present appeal. 4. Assessee has not preferred to put in appearance despite issuance of the notice and consequently, we proceeded to decide the present appeal with the assistance of the ld. DR as well as on the basis of documents available on the file. 5. We have heard the ld. Departmental Representative for the Revenue to the appeal, gone through the documents relied upon and orders passed by the Revenue authorities below in the light of the facts and circumstances of the case. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sodes on 31.03.2015. 8. However, on the other hand, ld. DR for the Revenue relied upon the order passed by the AO as well as ld. CIT (A) and contended that assessee has failed to bring on record any genuine reason for accepting the loan in cash. 9. We are of the considered view that when in the instant case undisputedly AO has verified the claim of the assessee as to taking loan of ₹ 6,00,000/- in cash from his father out of the sale proceeds of the agricultural land sold by him to deposit the bank guarantee with Delhi Doordarshan Kendra which he has actually deposited by way of cheque on 20.03.2013 so as to enable him to get a 50% advance against making TV serials of 13 episodes on 31.03.2015, it was a genuine reason and contin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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