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2016 (4) TMI 508 - AT - Income TaxUnexplained investment under section 69 - Held that:- the learned Authorized Representative could not furnish any materials to explain the source of investment of the assessee. Therefore, we do not have any other option but to confirm the order of the Revenue on this issue. Accordingly, we hereby confirm the addition made by the learned Assessing Officer which was further sustained by the learned Commissioner of Income Tax (Appeals). - Decided against assessee Penalty u/s 271(c) - Held that:- Assessee could not advance any arguments for deleting the penalty levied by the Revenue. In these circumstances, we do not have any other option but to confirm the penalty levied by the Revenue. Accordingly, we hereby confirm the penalty levied - Decided against assessee
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