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2019 (11) TMI 695 - ITAT PUNECash deposits in the saving bank account of assessee - HELD THAT:- It is the case of the assessee that he had received loans aggregating to ₹ 25 lakhs from outsiders for purchasing of shipping boat for business purpose. It is also a fact that on such cash deposits which have been received by the assessee, AO vide order dated 22.12.2016 passed u/s 271D had levied penalty on ₹ 13 lakhs which is the unsecured loan to have been received by the assessee by cash from those persons. In such a situation, find force in the argument of the Ld.A.R. that to the extent of ₹ 13 lakhs, the parties have been identified and no addition is warranted to that extent. With respect to the balance amount, no plausible information has been furnished by the Ld.A.R. and nor was he in a position to controvert the findings of AO and Ld.CIT(A). Therefore direct the deletion of addition to the extent of ₹ 16,50,000/- and the balance amount of addition is confirmed. Thus, the ground of the assessee is partly allowed.
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