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2014 (9) TMI 169 - HC - Income TaxLevy of penalty u/s 271(1)(c) - unexplained cash deposits - No entry in the cash book appeared - Distinction between the acceptability of the explanation offered for the additions made in the computation of taxable total income as against the reasonableness of such explanation in the penalty proceedings and further overlooking the explanation 1 overlooked – Held that:- The assessee had not offered any explanation either during the assessment proceedings or during the penalty proceedings regarding the unexplained cash deposits - The assessee had also not disclosed the income in the return filed in response to the notice issued u/s 153C of the Income Tax Act - there was no proper explanation given by the assessee with regard to the undisclosed income and the assessee had not given any details as to how he would fall within Explanation 1 to Section 271(1)(c) of the Income Tax Act - without any material, the assessee had merely stated that the source of income was from the business run by his father and the assessee will be no avail - in the absence of any material, the contention of the assessee that Explanation (1) to Section 271(1)(c) of the Income Tax Act will come to play as there is some bona fide explanation with regard to the undisclosed income, could not be accepted, as there was no proper explanation by the assessee showing that the transaction was bona fide - even after the search, the assessee had not disclosed the cash deposits in the return of income filed – the order of the Tribunal is upheld – decided against assessee.
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