2015 (10) TMI 2165

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....Per: Rajpal Yadav: The assessee is in appeal before us against the order of the CIT(A)-5, Vadodara dated 12.3.2015 passed for the Asstt.Year 2010-11. 2. The solitary grievance of the assessee is that the ld.CIT(A) has erred in confirming the penalty of Rs. 72,204/- imposed by the AO under section 271(1)(c) of the Income Tax Act. 3. Brief facts of the case are that the assessee is partners....

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....ax return. He made an addition of this amount and initiated penalty proceedings. According to the ld.counsel for the assessee a reply dated 16.1.2013 was given to the AO, wherein it was contended that the alleged refund was recognized by way of internal adjustment. The assessee was not given any amount through the cheque etc. The assessee was not aware about this adjustment and no notice was given....

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....le to discharge the onus casted upon it for furnishing plausible and satisfactory explanation for the penalty. 5. With the assistance of the ld. Representatives, we have gone through the record carefully. In the submissions before the ld.CIT(A), the assessee has taken the following specific plea: "6. Neither we have been informed by issuing any notice of adjustment U/s 245 nor any amount of ....

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....wledge, fact and information available with the assessee & filed correct return of income without any intension of concealment. 6. The ld.First Appellate Authority has not considered this specific plea of the assessee. Similarly, the AO has also not considered this aspect. The stand of the assessee is that it was not specifically informed about the refund. The adjustment has been made internall....