Penalty cannot be levied on surmises, conjectures and possibilities

Rajendra Shingi Vs DCIT (ITAT Jaipur) A survey under section 133A of the IT Act was carried out on 4th March, 2016 at the business premises of the assessee. During the course of survey proceedings, a diary was impounded containing certain entries against the names of certain persons. In the statement recorded under section 133A, the assessee surrendered the said income of Rs. 3 crore as recorded in the diary on account of advances to certain persons. In the return of income the assessee declared the said income and offered to tax. In the assessment framed under section 143(3), the AO has not d...