Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 1410 - ITAT CHANDIGARHPenalty u/s 271(1)(c) - unexplained deposits on bank - addition on peak of one bank account and unexplained cheque deposits - Held that:- The Assessee is found have been depositing money into his bank account in cash as well as cheque for which the Assessee could not given adequate explanation and therefore such sum was found to be undisclosed income of the Assessee. The Assessee did not give complete name, address of those persons on account of whom he has obtained demand draft. During the course of assessment proceedings the Assessee submitted that he is not in a position to supply all the names of the creditors. No such evidences were even filed during penalty proceedings also. Therefore in absence of any plausible explanation the Assessee is found to have concealed the particulars of his income as he has failed to offer explanation which he is not able to substantiate and further has failed to prove that such explanation is bonafide and that the relevant and material facts relating to the computation of income. In view of these facts the provision of section 271(1)(c) gets attracted correctly. See MAK DATA P. LTD.case [2013 (11) TMI 14 - SUPREME COURT] - decided against assessee.
|