Taxpayer Penalized for Unexplained Expenses u/s 69C; 100% Penalty on Evaded Tax Upheld by CIT(A.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition made u/s 69C was due to the reason that the assessee failed to explain the source of said expenses. Accordingly, we concur with the view of ld. CIT (A) to restrict the penalty to 100% of the tax to be evaded of such income - AT....