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2019 (3) TMI 644 - ITAT INDOREPenalty u/s 158BFA(2) - addition made on account of hundies found - search was conducted at the residential premises of the assessee - HELD THAT:- Assessee failed to rebut the findings of fact by Ld. CIT(A) and only gave general submission that as the broker Shri Shyamlal Arya is absconding after search and remains untraceable the assessee could not provide evidence before any of the appellate authorities that these hundies were kept as a guarantee from the broker Shri Shyamlal Arya. In the given facts and circumstances of the case there remains no disputes that ₹ 1,50,000/- was an un accounted and undisclosed investment of the assessee and therefore penalty has been rightly levied on the alleged addition of ₹ 1,50,000/-. We therefore confirm the penalty levied by the Ld. A.O u/s 158BFA(2). Ground No.1 of the assessee stands dismissed.
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