Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi)
As pointed out on behalf of the assessee, an assessment under Section 143(3) r.w. Section 147 was completed in the instant case, wherein the Assessing Officer has not observed any repayment of loan in cash as alleged in the penalty order. On perusal of the loose paper no.98, we find that no such amount of Rs.2 lac is borne out in the loose paper, insofar as Financial Year 2010-11 relevant to Assessment Year 2011-12 in question is concern. We also find traction in the plea of the assessee that the loose paper in the instant case are neither signed by the deceased-assessee nor prepared by him and also simultaneously vague and non-descript. The loose paper was purportedly prepared by some nephew of the assessee who was neither identified nor cross-examined. The loose paper no.98 also does not spell out as to with whom the alleged cash transactions as entered into the loose paper has been carried out, i.e., the corresponding party to the transaction is not known. The assessee is since deceased and thus the authenticity of the transaction cannot vouched. Under these mitigating circumstances, we find that plausible cause exists to question the propriety of allegations. The assessee thus deserves to be exonerated from the clutches of Section 269T r.w. Section 271E of the Act.
