9911796707
TMI Blog2023 (8) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... PER V. DURGA RAO, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi dated 29.04.2023 for the assessment year 2011-12. 2. Brief facts of the case are that the assessee is a retired employee of BHEL and filed his return of income for the assessment year 2011-12 on 06.07.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - as peak credit and Rs.. 3,00,000/- as personal cash consumption and directed to recompute the income. 3. Subsequently, the Assessing Officer has initiated penalty proceedings under section 271(1)(c) of the Act by issuing a letter on 16.10.2019 seeking explanation from the assessee as to why a penalty shall not be levied. Since the assessee could not respond to the notice, based on the details, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and gone through the orders of authorities below. During the course of assessment proceedings, the Assessing Officer noted that the assessee had a cash credit of Rs.. 25,00,000/- with BHEL Employees Cooperative Bank account and such credit was made on 03.02.2011, 04.02.2011, 08.02.2011 & 10.02.2011. Since the assessee has not offered any convincing explanation, the Assessing Officer added the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee and therefore, there was no concealment of income or furnishing of inaccurate particulars and thus, the provisions of section 271(1)(c) of the Act has no application. We find force in the argument of the ld. Counsel. Against the quantum addition, once the ld. CIT(A) has determined the unexplained cash credit by considering the peak credit amount deposited, which is nothing but an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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