9911796707
TMI Blog2012 (3) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to asst. yr. 1994-95. During the assessment proceedings, it was noticed that assessee has introduced cash credits amounting to ₹ 5,39,775. As per order of the AO, the assessee failed to give satisfactory explanation regarding source of credits. Accordingly addition was made. Matter reached upto the stage of Tribunal and the assessment order was set aside by the Tribunal to pass a fresh or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t prove that all these credits are bogus and ingenuine. However, the AO was not satisfied, therefore, he levied a penalty of ₹ 1,32,667. The learned CIT(A) also confirmed the action of the AO. 2. Now the assessee is in appeal here before the Tribunal. 3. The learned counsel of the assessee filed written submissions and also placed reliance on various case laws, copies of which are placed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled. Credits appearing in the accounts of the abovesaid three creditors have been accepted as genuine and, therefore, no addition was made. Similarly, in other cases also the confirmations along with their complete addresses, copies of accounts in the respective firms were filed. Bank statement along with copy of accounts from the books of assessee showing the amount remitted back by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No enquiry whatsoever has been made on the address given by the assessee in the confirmatory letters. Explanation offered by the assessee was not found incorrect or false. Therefore, it cannot be said that assessee has not filed any explanation. This is a case of non-substantiating explanation by producing those persons from whom the loans were taken, otherwise assessee has filed all other detai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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