2019 (10) TMI 243

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....icer (AO) under s. 271(1)(c) of the Income Tax Act, 1961 (the Act) concerning AY 1994-95. 2. The captioned appeal has been filed by the assessee against the imposition of penalty under s. 271(1)(c) of the Act on unexplained cash credit of Rs. 1,90,000/-. 3. Briefly stated, the quantum assessment for AY 1994-95 in question was finalized under s.143(3) of the Act. The assessed income inter alia included a sum of Rs. 1,90,000/- tax as unexplained credit. The assessee contested addition made to the return income before the CIT(A) on the aforesaid amount without any success. 4. The assessee preferred appeal before the Tribunal against the aforesaid order of the CIT(A) in quantum proceedings but was dismissed in limine owing to non-repre....

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....was pointed out that the matter is very old and concerns AY 1994-95 and therefore, he is in possession of very limited information. The learned AR further submitted that while the assessee could not establish the source of cash deposit in the quantum proceedings as held by various authorities, nevertheless, the matter requires to be looked afresh for the purpose of imposition of penalty under s. 271(1)(c) of the Act. It was submitted by the learned AR that the aforesaid amount actually represented the share application money received from some of the shareholders to whom the shares were actually issued. On being inquired by the Bench however, the learned AR could not establish the aforesaid assertion. A further inquiry was made as to whethe....