Appeals Dismissed, Assessments Confirmed, Penalties Deleted: Key Highlights

The appeals challenging orders passed by the Ld CIT(A) against the assessing officer's orders for different assessment years were dismissed due to the assessee's failure to appear, resulting in ex-parte disposal. The failure to prove loan credits under sec. 68 of the Act led to the confirmation of assessment orders as the burden of proof was not discharged. Orders related to non-remittance of tax deducted at source were upheld, while penalties under sec. 271C were deleted based on reasonable cause shown by the assessee. Penalties under sec. 272A(2)(c) were also set aside.

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Issues:
1. Challenging orders passed by Ld CIT(A) against different orders by assessing officer for various assessment years.
2. Failure to prove loan credits under sec. 68 of the Act.
3. Orders passed u/s 201(1) & 201(1A) for non-remittance of tax deducted at source.
4. Penalty levied u/s 271C for failure to deduct or pay tax deducted at source.
5. Penalty levied u/s 272A(2)(c) for non-furnishing of returns or statements under specified sections.

Analysis:
1. The appeals challenged orders passed by the Ld CIT(A) against the assessing officer's orders for different assessment years. The assessee failed to appear, leading to ex-parte disposal of appeals. The issues included quantum assessment orders, re-opening of assessments, penalty orders under various sections, and non-furnishing of returns.

2. Regarding failure to prove loan credits under sec. 68 of the Act, the assessee's initial burden was to establish the identity, creditworthiness, and genuineness of the transactions of the creditors. The Ld CIT(A) found discrepancies in the details provided, leading to the confirmation of assessment orders. The burden of proof was not discharged by the assessee, resulting in no interference with the Ld CIT(A)'s decision.

3. Orders passed u/s 201(1) & 201(1A) were related to non-remittance of tax deducted at source by the assessee. The Ld CIT(A) upheld the orders due to the failure of the assessee to provide substantial evidence to refute the findings of the ITO(TDS). The absence of material to support the claim led to the confirmation of the orders.

4. Penalty under sec. 271C was imposed for failure to deduct or pay tax deducted at source. The Additional Commissioner's penalty for non-remittance of TDS amounts was found to be incorrect as it did not align with the provisions of the Act. The assessee demonstrated reasonable cause for the failure, citing financial problems and lack of assistance, leading to the deletion of penalties for all years under consideration.

5. Penalty under sec. 272A(2)(c) was levied for non-furnishing of returns or statements as per specified sections. The assessee provided reasonable cause for the failure to furnish annual returns, attributing it to financial constraints and lack of staff assistance. Consequently, the penalties were set aside for all years in consideration.

In conclusion, the appeals related to penalties under sec. 271C and 272A(2)(c) were allowed, while other appeals were dismissed. The decisions were pronounced on 8th Oct, 2014.

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