2021 (2) TMI 275

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.... ORDER Partha Sarathi Chaudhury, Member (J) This appeal preferred by the assessee emanates from the order of the Ld. CIT(Appeal), Pune-3 dated 26.09.2017 for the assessment year 2012-13 as per the following grounds of appeal on record: "1. The Learned CIT(A) erred in sustaining the order of the Ld. Addl. CIT, Range-3, Pune who had imposed the penalty of Rs. 5,00,000/- without apprec....

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....is with regard to imposition of penalty of Rs. 5,00,000/- u/s. 271D of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. The brief facts in this case are that the assessee is an individual and agriculturist engaged as retailer in the sale of sweets and namkin etc. The assessee has filed return of income for assessment year 2012-13 on 30.03.2013 declaring total income o....

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.... of Rs. 5,00,000/- was repaid to C.B. Oswal by cheque. In this regard, the assessee has also enclosed the confirmation letter from C.B. Oswal. 4. The Revenue, on the other hand, was of the view that since the assessee could not produce the receipt given to C.B. Oswal acknowledging the advance amount or that there was no written document regarding sale of land at Karjat to C.B. Oswal, therefore,....

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....nate Authorities, it is crystal clear that though on one hand, they disbelieved the evidences placed on record specifically confirmation letter of C.B. Oswal, however, they themselves have not conducted any specific enquiry or examination with regard to the facts of the case. The entire addition has been made on the premises of guess work and suspicion. It is the contention of the assessee that so....