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2015 (3) TMI 310 - AT - Income TaxUnexplained credits received - accommodation entry received from Sh. S.K. Gupta - Held that:- The assessee during the section 153 proceedings before the AO could not produce any documents to substantiate the receipts on account of FDR receipts in her capital account. The AO’s finding that no such credit is appearing in the bank account statement provided by the assessee and since assessee could not produce any documents substantiate the same. The AO added the said amount to the total income of the assessee as unexplained credit. Before the CIT(Appeals) also the assessee had made all the contentions which has been raised before the CIT(Appeals). The CIT(Appeals) has not accepted the contentions raised by the assessee since the assessee could not offer any evidence to support the explanation that was given before him. Before us also the ld. AR could not produce any documents to substantiate his explanation regarding this aspect, so that we could take a different view on the issue. Therefore, we are inclined to confirm the order of the CIT(Appeals) in this behalf and, therefore, the appeal preferred by the appellant on this issue stands dismissed. - Decided against assessee. Penalty u/s 271AAA - CIT(A) deleting the penalty imposed on the surrender of income - Held that:- Since the penalty was imposed on an assessee who was also searched along with the appellant Smt. Uma Singal and whose penalty was also levied on the similar grounds has now been deleted by this Tribunal on the reasons afore-stated. Respectfully concurring with the view of the coordinate bench of the Tribunal and, therefore, we uphold the order of the CIT(Appeals). Therefore, the revenue’s appeal against deletion of the penalty is imposed. - Decided in favour of assessee.
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