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2015 (9) TMI 268 - ITAT AHMEDABADPenalty u/s.271(1)(C) - addition made invoking the provisions of section 69A - Held that:- There is no dispute with regard to the fact that neither the transactions were not disclosed nor the Bank Account in which the cash deposits have been made were disclosed to the Revenue Authorities. The only explanation for not disclosing the transactions are that there was loss in share transactions, therefore the assessee has not reflected the same in the return of income. But the question remains that what about the source of such cash deposits which was made into the bank account. The ld.counsel for the assessee could not explain satisfactorily about the cash deposits neither in the quantum proceedings nor in the penalty proceedings. It was incumbent upon the assessee to furnish the true and correct particulars of income. In the case in hand, it is transpired from the records that the assessee has failed to disclose the Bank Account on various dates cash deposits were made. Under these facts, we do not see any reason to interfere with the findings of the authorities below. However, ld.counsel for the assessee submitted that in the quantum proceedings, the Tribunal has reduced the addition from ₹ 37,75,000/- to ₹ 14,19,919.88 in assessee’s own case for AY 2008-09. We, therefore, direct the AO to delete the penalty on the addition in sum of ₹ 23,55,080/-. - Decided partly in favour of assessee.
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