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TMI Blog2022 (5) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee during the course of remand proceedings. The ld. DR also could not able to explain in detail on the observations of the Assessing Officer on the documents furnished by the assessee during the course of remand proceedings. Under the above facts and circumstances, the penalty levied under section 271(1)(c) of the Act is deleted. - Decided in favour of assessee. - I.T.A. No. 408/Chny/2020 - - - Dated:- 5-5-2022 - Shri V. Durga Rao , Judicial Member And Shri G. Manjunatha , Accountant Member Appellant by : Shri T. S. Lakshmi Venkataraman , CA Respondent by : Shri G. Johnson , Addl. CIT ORDER PER V. DURGA RAO , JUDICIAL MEMBER : This appeal filed by the assessee is directed against the order of the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and M/s. Palani Medical Centre P. Ltd., it was found that the assessee has introduced as if they were received from M/s. Palani Medical Centre P. Ltd.: Date on which cash credit was introduced Amount (Rs.) 01.01.2009 4,86,015 30.03.2010 2,85,985 Total 7,72,000 The Assessing Officer further found that there was no corresponding payment entries in the books of M/s. Palani Medical Centre P. Ltd., the assessee could not explain this difference during the course of assessment proceedings and the Assessing Officer, therefore, added the sum of Rs.7,72,000/- int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty of ₹.3,85,651/- levied under section 271(1)(c) of the Act and confirmed by the ld. CIT(A) may be deleted. 4. On the other hand, the ld. DR supported the orders of authorities below. 5. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. Against the levy of penalty under section 271(1)(c) of the Act, the AR of the assessee has submitted before the ld. CIT(A) that the said sum of ₹.7,72,000/- was included in the cash payment of ₹.10,44,460/- and produced the ledger copy of Dr. K. Velusamy in books of M/s. Palani Medical Centre P. Ltd. The issue was remanded to the Assessing Officer for verification. After giving an opportunity to substantiate th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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