2014 (1) TMI 1626

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arodia (Accountant Member).- This is an assessee's appeal directed against the order of the learned Commissioner of Income-tax (Appeals)- II, Kanpur, dated October 7, 2013, for the assessment year 2005-06. 2. The assessee has raised various grounds of appeal and has also raised some additional grounds on technical aspect but the main grievance of the assessee is regarding confirmation of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... available on pages 127 to 129 of the paper book. He submitted that for such addition made by the Assessing Officer under section 68, penalty is not justified. In support of this contention, he placed reliance on the Tribunal decision rendered in the case of Deputy CIT v. K. Bhanji Vanmalidas and Co. in I. T. A. No. 743/RJT/2010. He submitted that the copy of the Tribunal decision is available on ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nji Vanmalidas and Co., it is observed by the Tribunal in paragraph 6 that although it is true that majority of the cash credits were not acceptable even to the Tribunal, this alone cannot be the foundation for holding the assessee guilty of concealment. The Tribunal further noted that the assessee has reasonably explained that the addition was made and confirmed as the assessee could not discharg....