2011 (10) TMI 466

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....K Nair, for the respondent ORDER Per Pramod Kumar: 1. These two appeals pertain to the same assessee, were heard together and involve common issues arising out of the same set of facts. As a matter of convenience, therefore, both of these appeals are being disposed of by way of this consolidated order. The short issue that we are required to adjudicate in these appeals is whether or not, ....

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....lan, of Rs 2,99,000 to Champaklal Dave and of Rs 3,00,000 to Poonam Investments. These additions were sustained by a coordinate bench of this Tribunal. It was in this backdrop that the concealment penalty was imposed on the assessee. The contention of the assessee to the effect that voluntary donation of Rs 10,000 was duly shown in the books of accounts did not impress the Assessing Officer, nor d....

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....val contentions, perused the material on record and duly considered factual matrix of the case as also the applicable legal position. 4. We have noted that in the present cases the CIT(A) has deleted the impugned penalties by accepting the explanation of the assessee to the effect that the unexplained expenditure in question has been made out of the unaccounted donation receipts. We have also n....

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....ation having been accepted on these facts is one of the possible views of the matter, and the mere fact that the quantum additions have been confirmed per se does not imply that this explanation cannot be treated as acceptable for the penalty purposes either. As far as assessment year 1990-91 is concerned, there is one more important aspect of the matter. The tax effect involved in the appeal is l....