2017 (3) TMI 27

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... M. Challenging the order dtd. 22. 01. 2016 of the CIT(A)-9, Mumbai, the assessee has filed the present appeal. Assessee, an individual, filed his return of income on 14/03/2001, declaring income of Rs. 10. 89 lakhs. The Assessing Officer (AO) completed the assessment u/s. 143(3)of the Act on 24 . 12. 2012 determining his income at Rs. 17. 73 lakhs. 2. During the assessment proceedings the A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... The AO held that assessee had not proved the creditworthiness of the person giving unsecured loan. Invoking the provisions of section 68 of the Act, he made an addition of Rupees Six lakhs to the income of the assessee. The assessee did not contest the addition made by the AO while completing the scrutiny assessment. 3. The AO also initiated penalty proceedings u/s. 271(1)(c) of the Act, for f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l the transactions were done through banking channels, that assessee had not evaded taxes, that the loan was still a bearing in the books of accounts of the assessee, that the assessment proceedings were attended by the employee of the assessee, that due to ignorance of law the order of the AO was not challenged. He relied upon the case of Ramchandra G Halwai(ITA/253/PNJ/ 2013, Dt. 23. 01. 2015). ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng inaccurate particulars, that he had levied a penalty for considering the income, that penalty should not be levied automatically where additions were made. He relied upon the cases of SSA'S emrald meadows(242taxman180), Manjunath Cotton and Ginning Factory (359 ITR 565) and Dharani Developers (61 taxmann. com 208). The Departmental Representative(DR) supported the order of the AO/FAA and stated....