2011 (11) TMI 672

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....inst confirming the levy of penalty at Rs. 52,120/- levied u/s 271(1)(c) relating to assessment year 2007-08. 2. The brief facts of the case are that during the course of assessment proceedings, AO observed that appellant has shown sundry credit balance of Rs. 1,93,160/- in the name of Jagannath Traders. AO made enquiry u/s 133(6) from Jagannath Traders and found that as per their books there i....

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....To buy piece and to avoid litigation assessee surrendered this amount for taxation. It is further seen that the amount of difference has been paid by the assessee in subsequent year, partly by cheque and partly by cash. Copy of statement was produced during appellate proceeding. Therefore it can not be said that assessee has furnished in-accurate particular for concealing any income. Accordingly, ....