2012 (6) TMI 788

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....ER : This is an appeal filed by the Revenue arising from the order of Learned CIT(Appeals)-V, Baroda dated 27.11.2009. The only grievance of the Revenue is about deletion of penalty of Rs. 29,25,280/- levied u/s.271(1)(c) of the I.T.Act. 2. On the date of hearing, no one has appeared from the side of the respondent-assessee, however, a letter has been submitted through which it was intimated....

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....er the seized document, the assessee has received a sum of Rs. 1,73,30,000/- (Rs.73.80 lacs for relinquishment of his right on the land and an amount of Rs. 43.50 lacs for road, etc. through post-dated cheques). Out of the above amount, assessee has admitted that an amount of Rs. 86,37,000/- on account of land was received and that too was disclosed vide a revised return of income. However, it was....

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.... the IT Act, the AO shall have to prove that the seized documents or the undisclosed income belongs to the assessee. In the absence of any cogent or reliable evidence available on record regarding alleged receipt of cash by the assessee, the authorities below were unjustified in making and confirming the addition. In the absence of any evidence incriminating in nature against the assessee, we do n....