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2017 (9) TMI 1653 - AT - Income TaxLevy of penalty u/s 271(1)(c) in respect of alleged undisclosed income - assessee has deposited cash on various dates in his savings bank account - Held that - the assessee does not have any explanation for not disclosing the reasonable profits and on the business which he stated to have carried out - his return only shows interest income and salary income - the assessee has nothing to say about his business income and therefore deposits represent dealings in connection with business- Thus, against the addition 10% of penalty is justified instead of 100% - decided partly in favor of assessee
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