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2013 (12) TMI 405

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..... d against the order dated 22-10-2010 of the CIT(A)-I, Pune relating to Assessment Year 2006-07. Levy of penalty of Rs.2,70,954 u/s.271(1)(c) by the Assessing Officer and upheld by the CIT(A) is the only issue raised by the assessee in the grounds of appeal 2. Facts of the case, in brief, are that the assessment of the assessee, who is a Civil Contractor, was selected for scrutiny under CASS as he was found to have deposited huge amount of money in cash in his bank accounts. During the course of assessment proceedings it was explained by the assessee that cash deposit of Rs.22,75,000 has come as gift from his father from time to time. In support of the same the gift deed dated 02-04-2007 and extracts of books of accounts of the father of t .....

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..... e been paid out of the drawings of his father and deposited in the bank account of the assessee remained unexplained. Since the assessee could not substantiate with evidence to his satisfaction, the Assessing Officer made addition of Rs.8 lakhs to the total income of the assessee. The assessee did not prefer any appeal against the addition made by the Assessing Officer. 3. The Assessing Officer subsequently initiated penalty proceedings u/s.271(1)(c). During the penalty proceedings, the assessee reiterated the same argument as advanced during the course of assessment proceedings. However, the Assessing Officer was not satisfied with such explanation and held that the assessee has not discharged the onus by not providing any evidence in pe .....

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..... of the assessee that the Assessing Officer has accepted a part of the gift as genuine and rejected another part of the gift treating the same as non- genuine. From the various details filed by the assessee in the Paper Book, we find the date of deposits made by the assessee in his bank account and withdrawals made by his father from his bank account coincide. Similarly, the amounts also in most of the cases coincide. Therefore, we find force in the submission of the learned counsel for the assessee that although there is no specific mention of gift paid in the capital account of the father of the assessee and gift received in the capital account of the assessee, therefore, same may be justified for addition in the quantum assessment but can .....

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