TMI Blog1978 (3) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... rying on business in Sarrafa and pawning. The ITO noticed a cash credit of Rs. 2,000 in the name of Shri Dal Chand. The assessee did not proceed any evidence to prove the genuineness of this credit before the ITO. Accordingly, he added the amount of Rs. 2000 to the assessee's income from undisclosed sources. On appeal before the AAC the assessee filed an affidavit of Shri Dal Chand admitting the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpugned penalty deserves to be cancelled. Firstly, the penalty order passed by the ITO stands vitiated for the reason that he did not give any opportunity to the assessee to produce the creditor Dal Chand inspite of a written request made by the assessee in this application dt.30th March, 1975. Secondly, in the assessment proceedings, the only finding upheld by the Tribunal was that the cash credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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