9911796707
TMI Blog2008 (4) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... cing on record affidavits filed by the agriculturists, to show the genuineness of the transaction - revenue failed to adduce evidence to contradict the claim of the assessee - assessee’s explanation is not p[roved false – penalty not imposable - 54 of 2008 - - - Dated:- 11-4-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Mr. Yogesh Putney, Advocate for the appellant-revenue. JUDG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained investment in purchase of Sarson? 2. Whether on the facts and in the circumstances of the case, the Ld. ITAT was right in cancelling the penalty on erroneous factual findings?" 2. A Flying Squad of Market Committee, Sirsa checked the stock of respondent-assessee on 12.03.2003 and excess stock of sarson was found, for which composition fee, fine and penalty was imposed. On the bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty to the tune of Rs.84155/- under Section 271(1)(C) of I.T. Act upon the assessee. 3. Appeal filed by the assessee challenging order dated 23.03.2006 imposing penalty upon him, was dismissed by the Commissioner of Income Tax (Appeals), Rohtak, vide order dated 17.08.2006. 4. Still dis-satisfied with the order of CIT(A), Rohtak, the assessee filed further appeal before the Tribunal, who v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liberately shown the true stock nor discharged the onus of proving the genuineness of the purchase of sarson from the agriculturists. We have heard learned counsel for the appellant-revenue and perused the record. 6. After perusing the documents placed on record, the Tribunal has given a finding that the Assessing Officer had not verified the contention of the assessee-appellant that the stoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record affidavits filed by the agriculturists, to show the genuineness of the transaction and that was not disputed. Undisputedly they were not summoned by the department under Section 131 of the Act and thus the revenue failed to adduce evidence to contradict the claim of the assessee-respondent and he simply rested his conclusion on the act of voluntary surrender done by the appellant in good ..... X X X X Extracts X X X X X X X X Extracts X X X X
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