AKHIL TANEJA,NEW DELHI vs. ITO WARD 1(1), GURGAON
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2013-14, arises against the CIT(A)/NFAC, Delhi’s DIN & order No.
ITBA/NFAC/S/250/2023-24/1057092109(1) dated
16.10.2023, in proceedings u/s 271(1)(c) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
Coming straightaway to the assessee’s sole substantive grievance raised in the instant appeal seeking to reverse the learned lower appellate authorities action imposing section 271(1)(c) penalty of Rs.13,41,060/-, relating to the quantum addition of unexplained cash credits u/s 68 to the tune of Akhil Taneja
2
Rs.43,40,000/- representing unsecured loans made in the course of assessment dated 30.03.2016, learned departmental representative could hardly rebut the clinching facts that he had indeed filed his detailed explanation and evidence which ultimately failed to prove the relevant parameters of genuineness and creditworthiness thereof.
This being the clinching case and in light of the fact that such a quantum addition indeed is debatable in nature, the tribunal hereby deems it appropriate to delete the impugned penalty going by CIT vs. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158 (SC) that it is not each and every addition/disallowance which attracts section 271(1)(c) penalty proceedings of concealment and furnishing of inaccurate particulars of income. Ordered accordingly.
This assessee’s appeal is allowed. Order Pronounced in the Open Court on 07/01/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 07/01/2025
*Subodh Kumar, Sr. PS*