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2016 (9) TMI 304 - ITAT DELHI

2016 (9) TMI 304 - ITAT DELHI - TMI - Penalty u/s 271(1)(c) - unexplained cash deposit - assessee surrendered an amount of ₹ 20 lac on a condition that the AO shall not levy penalty u/s 271(1)(c) of the Act, as per mutual discussions - AO had not complied with the conditions laid down by the assessee for surrender - CIT(A) upheld the addition on the ground that the assessee had made a surrender & came to a conclusion that the assessee had taken into account the opening balance while surren .....

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made during the year. It was submitted that the assessee was having sufficient cash in hand at the beginning of the year amounting to ₹ 22,36,415/-. As already stated, this opening balance was explained by filing the financial statement as well as the assessment order for the assessment year 2008-09. The assessee, in his detailed explanation, had explained monthwise, the cash deposits made in the savings bank account along with the corresponding sources. This explanation runs into ten page .....

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dence or, in the alternative, desisted from initiating penalty proceedings. In this case, the AO chose to accept only a part of the statement. - As the submissions of the assessee vide letter dated 27.12.2011 were not factually controverted by any of the authorities, the addition made merely on the ground of disclosure cannot be sustained. The assessee has explained the source of each deposit with evidence and the AO has not found any fault in the claim made by the assessee. No defects were .....

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s of property dealing and trading. He filed his return of income on 28.7.2009 declaring income of ₹ 1,49,540/-. As certain cash deposits were found in her savings bank account, the AO called upon the assessee to explain the sources of these cash deposits. The assessee filed detailed explanation before the AO. A copy of the same is furnished before me. At the fag end of the assessment proceedings, the assessee, while reiterating his detailed submissions explaining the sources of deposits ma .....

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ng the addition made of ₹ 20 lac. The ld.CIT(A) upheld the addition on the ground that the assessee had made a surrender. The AO in this case had also doubted the opening balance claimed by the assessee. The ld.CIT(A) came to a conclusion that the assessee had taken into account the opening balance while surrendering the amount of ₹ 20 lac. Aggrieved, the assessee is in appeal before us. 3. After hearing the rival contentions, I find that as far as the opening balance is concerned, t .....

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he beginning of the year amounting to ₹ 22,36,415/-. As already stated, this opening balance was explained by filing the financial statement as well as the assessment order for the assessment year 2008-09. The assessee, in his detailed explanation, had explained monthwise, the cash deposits made in the savings bank account along with the corresponding sources. This explanation runs into ten pages. Cash memos with regard to the sales made of MS BARS was also furnished. The AO has not pointe .....

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