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 4^th 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 an

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