TaxTMI 
TaxTMI 
2013 (10) TMI 103
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....t has called into question correctness of order dated 5th February 2010, passed by the learned Commissioner (Appeals) in the matter of penalty under section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 1999-2000. 2. Grievances raised by the assessee are as follows: "1. That the learned Commissioner of Income Tax (Appeals) has erred in law and on facts i....
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....uantum addition itself is deleted, the very foundation for the impugned penalty ceases to exists, and the penalty, therefore, must also be deleted. We do so. 4. So far as the addition of Rs 10,91,580 is concerned, the brief relevant material facts are like this. The assessee derives income from trading is iron and steel, and was also a director in a cooperative bank by the name of Shri Vikas Coop....
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.... able to discharge the onus of proving that four different persons were benamis of the assessee", the Tribunal confirmed the disallowance of expenses by rejecting assessee's contention that the books of accounts have been washed away in the floods and for the reasons that "the onus is upon the assessee to prove genuineness of expenses" and that "in this case, the assessee has not produced any evid....
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....ered view that the onus to prove the benami account is on the revenue and the revenue is not able to discharge the said onus, it cannot be open to us to proceed on the basis that the stand taken by the revenue authorities in disallowing the expenses itself is not free from doubt. The coordinate bench may have confirmed the related disallowance inasmuch it is a case in which the assessee has been d....