9911796707
TMI Blog2022 (4) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... nature of business he is involved in. The fact of business exigency has not been denied by the Revenue.CIT(A) has disregarded the defense of the assessee mainly on account of the fact that the assessee has failed to come out with complete facts and documents regarding the transactions. We find that the turnover receipts declared by the assessee at ₹ 39,61,195/- was enhanced to ₹ 1,33,67,162/- for the purposes of estimation of income based on such impounded records. Therefore, imposition of penalty separately towards such receipts by way loan is not justified. The impromptu response of the purportedly uneducated assessee at the time of survey, in our view, requires to be seen in its natural perspective and requires to be g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of M/s. Balwan Road Carriers M/s. Global Travelling Corporation. A survey under Section 133A was conducted on 19.11.2007 in the business premises of the assessee. Certain documents and registers were impounded from the business premises towards lorry receipts, expenses and other entries. In the course of the assessment under Section 143(3) dated 31.12.2010, the assessee could not produce any books of accounts and claimed that assessee does not maintain any regular books of account. The assessment was completed on the basis of registers impounded. These registers allegedly contained entities of cash receipts and cash payments exceeding ₹ 20,000/- from various persons which are admitted as cash loan deposits receipts and cash loan d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereof is not denied, it was pointed out in the same vein in question no.9 of the statement that such loans were taken from family members for business need and used for payment to drivers and other business associates to enable him to ply the trucks. It was further pointed out that no books of accounts were maintained and the assessee being uneducated does not understand such laws. Ld. counsel pointed out that repayment has been made in few days time against the receipt from transportation and the amount involved are very small. It was further pointed out that no inquiry has been made with the corresponding family members for granting such hand loans. Referring to several decisions rendered by different Benches for exoneration from penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igency has not been denied by the Revenue. The CIT(A) has disregarded the defense of the assessee mainly on account of the fact that the assessee has failed to come out with complete facts and documents regarding the transactions. We find that the turnover receipts declared by the assessee at ₹ 39,61,195/- was enhanced to ₹ 1,33,67,162/- for the purposes of estimation of income based on such impounded records. Therefore, imposition of penalty separately towards such receipts by way loan is not justified. The impromptu response of the purportedly uneducated assessee at the time of survey, in our view, requires to be seen in its natural perspective and requires to be given credence. The assessee has declared that the money was rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
