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Income Tax Appellate Tribunal, DELHI BENCH: ‘SMC’ NEW DELHI
Before: SHRI SATBEER SINGH GODARA
This Revenue’s appeal for assessment year 2008-09 is directed against the Commissioner of Income Tax (Appeals)- National Faceless Appeal Centre [in short, the “CIT(A)-NFAC”], Delhi’s DIN & Order No. ITBA/NFAC/S/250/2024- 25/1065083893(1), dated 22.05.2024 involving proceedings under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties. Case file perused.
It emerges during the course of hearing that both the learned lower authorities have levied section 271(1)(c) penalty of Rs.5,18,399/- pertaining to quantum addition of section 68 unexplained cash deposits to the tune of Rs.16,95,150/-, made in the taxpayers’ hands in assessment framed on 03.03.2016.
Both the learned Representatives vehemently reiterated the respective stance. Suffice to say, it is evident from a perusal of the case file that the assessee herein had duly sought to contest the foregoing quantum addition by taking various objections which ultimately failed to invoke the concurrence of learned lower authorities.
That being the case, this tribunal is of the considered view that mere fact of the impugned quantum addition having got confirmed in assessee’s hands would not ipso facto attract concealment of and furnishing of inaccurate particulars of income under section 271(1)(c) of the Act going by CIT Vs. Reliance Petro
2 | P a g e Products Pvt. Ltd., 322 ITR 158 (SC). The impugned penalty is deleted in very terms.