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2018 (3) TMI 1864 - AT - Income TaxPenalty u/s 271(1)(c) - Unexplained bank deposits - assessee failed to explain the source of such deposits - HELD THAT:- When the assessee has failed explanation source and the said addition has been confirmed even up to the stage of this Tribunal then, in the penalty proceedings only defence available to the assessee is that though the explanation of the assessee was not accepted by the AO however, the same is bonafide. We find that the assessee has not furnished any such explanation either before the Assessing Officer in penalty proceeding or before the ld. CIT(A) in the appellate proceedings. Even what the assessee has contended before the ld. CIT(A) is only the same decisions as we have referred in the forgoing paragraphs and nothing else. The assessee has not uttered even a single sentence about the source of the deposit made in the bank account and therefore, when no explanation at all was furnished by the assessee then the question of the same being bonafide does not arise. Even before the ld. CIT(A), the assessee did not furnish any explanation regarding the source of the deposits made in the bank account. Hence, in the facts and circumstances of the case, we do not find any error or illegality in the orders of the authorities below. Accordingly we confirmed the levy of penalty u/s 271(1)(c) of the Act. - Decided against assessee.
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