TaxTMI 
TaxTMI 
2013 (7) TMI 139
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....unt with reasons for delay in deposit of cash advance received by him against sale of assessee's agriculture land. 2. That the mere fact of not going in appeal to buy peace against addition made by Assessing Officer in his order U/s 153A dated 15-05-2009 treating the cash deposit of Rs. 3,00,000/- in assessee's bank Account as income from un- disclosed sources cannot ipso facts leads to inference that there has been a concealment of income or furnishing of inaccurate particulars of Income. The assessee in response to notice U/s 143(2)/142 for Asst. Year. 2004-2005 had furnished the sources of evidences such on sale deed of Agri. Land, cash statement showing deposit of Rs. 3,00,000/ - in the bank with house held expenses to the satisfaction of the Assessing Officer who passed order U/s 143(3) dated 31-09-2006 after accepting assessee's returned income of Rs. 23,98,020/ -. There is no un-disclosed cash deposit of Rs. 3,00,000/ - in assessee bank. 3. That the assessee has discharged his onus to the Assessing Officer with evidence for delayed deposit of cash Rs. 3,00,000/ - by Late S. ]asbir Singh who was looking after the assessee's affairs for more than 25 years. The sale deed ....
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....income form undisclosed sources. No appeal was filed by the assessee against the above assessment order, therefore, the assessment attained finality. 4. Subsequently, the Assessing Officer initiated penalty proceedings and after providing due opportunity of hearing to the assessee, the Assessing Officer levied a penalty of Rs.99,000 u/s 271(1)(c) of the Act on the assessee. Being aggrieved by the above penalty order, the assessee filed the appeal before the Commissioner of Income Tax(A) which was also dismissed with an observation that the assessee has not produced any definite evidence whatsoever to contradict the findings of the Assessing Officer either during the assessment proceedings or during the penalty proceedings. Now, the aggrieved assessee is before this Tribunal in this second appeal with the grounds as mentioned hereinabove. 5. We have heard rival arguments of both the parties and carefully perused the record. The assessee's representative submitted that the assessee did not agitate further the assessment order and it became final. The assessee accepted the assessment order to avoid further litigation and to buy mental peace but it does not mean that the assessee....
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....he assessee submitted before the Assessing Officer that this was the sale proceed of agricultural land at Raja Sansi Village, District Amritsar. The DR further submitted that it was malafide on the part of the assessee that he did not disclose the particulars of his income and receipt of sale proceed received from sale of land of the assessee situated in Raja Sansi Village, Amritsar. The DR supported the orders of the authorities below and submitted that the penalty imposed on the assessee is justified and the contention of the assessee are not sustainable. The DR placed reliance on the judgment of Hon'ble Supreme Court of India in the case of Union of India vs Dharmender Textile Processors (2008) 306 ITR 277(SC). 8. On careful consideration of the above submissions and citations placed before us and taking care of the factual matrix of the present case, we observe that during the course of argument before this Tribunal, the counsel of the assessee submitted a copy of the assessment order passed u/s 143(3) of the Act wherein the Assessing Officer has accepted total income of the assessee as per return of income without making any addition or disallowance. We also observe that th....
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....ja Sansi, District Amritsar and appended the detail to the return of income in the assessment year under consideration. Notes no. 2 and 3 mentioned in the statement of taxable income clearly shows that the assessee has furnished particulars of receipts from sale of agricultural land and also claimed exemption thereon u/s 2(14)(iii) of the Act. Coming to the issue of late deposit of the amount to the bank, we observe that the Assessing Officer has not controverted the statement of the assessee that this amount was deposited to the bank account of the assessee Shri Gurpal Singh after a lapse of time during the year under consideration and this fact came to the knowledge of the assessee when he checked the bank pass book and accounts submitted by his power of attorney S. Gurpal Singh. It is not in dispute that the amount so received from proceed of sale of agricultural land was exempted and Assessing Officer also accepted the claim of the assessee for exemption u/s 2(14)(iii) of the Act. In this situation, we are unable to accept this contention of the authorities below that the assessee has either furnished inaccurate particulars of his income or has concealed particulars of his inco....