2013 (12) TMI 405

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....as he was found to have deposited huge amount of money in cash in his bank accounts. During the course of assessment proceedings it was explained by the assessee that cash deposit of Rs.22,75,000 has come as gift from his father from time to time. In support of the same the gift deed dated 02-04-2007 and extracts of books of accounts of the father of the assessee were submitted. The gift deed was not accepted by the Assessing Officer on the ground that it has no evidentiary value since the same was made by the father of the assessee who is an interested party and is also much after the end of the previous year relevant to the impugned assessment year. However, the Assessing Officer accepted the books of account and balance sheet etc. of the....

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....er subsequently initiated penalty proceedings u/s.271(1)(c). During the penalty proceedings, the assessee reiterated the same argument as advanced during the course of assessment proceedings. However, the Assessing Officer was not satisfied with such explanation and held that the assessee has not discharged the onus by not providing any evidence in penalty proceedings to substantiate his claim. Relying on a number of decisions the Assessing Officer held that penalty u/s.271(1)(c) is clearly leviable. He accordingly levied penalty of Rs.2,70,954 being the minimum penalty@100% of the tax sought to be evaded. 4. In appeal the learned CIT(A) upheld the penalty levied by the Assessing Officer. Aggrieved with such order of the CIT(A) the assesse....