TaxTMI 
TaxTMI 
2015 (12) TMI 552
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.... the ld. CIT(A)-II, Surat has erred in deleting the penalty u/s 271(1)(c) of the I.T. Act of Rs. 3,41,876/- without appreciating the fact that the assessee failed to offer an explanation to substantiate his claim that all facts relating to his total income have been disclosed by him and he has not concealed the particulars of his income or furnished inaccurate particulars of such income in view of the Explanation-1 to section 271(1)(c) of the I.T. Act. (2) On the facts and in the circumstances of the case, the ld. CIT(A) ought to have upheld the order of the Assessing Officer. (3) It is, therefore, prayed that the order of the CIT(A) may be set aside and that of Assessing Officer may be restored to the above extent. 2. Briefly stated the....
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....(c) levied by the AO should be deleted. 6. We have heard the rival contentions and gone through the facts of the case as well as records available and the order of the coordinate Bench in assessee's own case referred above. The four additions made by the AO in the order u/s 143(3) were as follows :- i. Unaccounted sale of stock Rs.24,000/- ii. Unexplained cash deposited in bank Rs.64,000/- iii. Low household withdrawals Rs.50,000/- iv. Unexplained cash credits in form of sale of shares Rs.10,01,420/- Total Rs.11,39,420/- From perusal of order of the Tribunal dated 10.5.2013 in assessee's own case for AY 2004-05 following decisions have been given in regard to the above referred four additions :- (i) In....
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....enue. Considering the aforesaid facts, we are of the view that the addition made by the AO on an estimated basis, is uncalled for. We, thus direct the deletion of addition. Thus, this ground is allowed." (iv) In regard to unexplained cash credits in form of sale of shares - "26. We have heard the rival submissions and perused the material on record. The factual matrix of the case is that the assessee is said to have purchased the shares through M/s Bubna Stock Broking Services Ltd. in Calcutta Stock Exchange and sold the shares through Pramodkumar Kothari. In response to the summons u/s 131, Calcutta Stock Exchange has confirmed that no purchase of shares in which the assessee had dealt was executed from the on line system of exchange. It....