TaxTMI 
TaxTMI 
2019 (11) TMI 29
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....he Act") dt.28/03/2013 relevant to the Assessment Year 2008-2009. The assessee has raised the following grounds of appeal: 1. The Ld.Commissioner of Income Tax (Appeals) has erred in law and on the facts of the appellant' s case in confirming the action of Ld.A.O of levying penalty u/s.271(1)(c) of the Act of s.1,03,480/- on the erroneous plea that the appellant has concealed the particulars of his income. 2. Both the lower authorities have erred in law and on facts of the appellant's case is not appreciating the fact that the appellant has neither concealed particulars of his income not furnished its inaccurate particulars. 3. The appellant craves leave to add, amend, later, edit, delete, modify or change all or any of the groun....
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....assessee and held that the assessee had suppressed his income by concealing the particulars of income. Accordingly the AO levied the penalty of Rs. 1,03,840/- being 100% of the amount of tax sought to be evaded. The aggrieved assessee preferred an appeal to the Ld. CIT(A). 6. The assessee before the Ld. CIT(A) submitted that the cash was deposited out of the opening balance of Rs. 1,43,776/- and the remaining amount was advanced returned by the staff of Rs. 1,52,804/-. The assessee in support of his claim also filed the copy of the cash book before the Ld. CIT(A). 6.1 The assessee also claimed that most of the additions to the extent of 97% were deleted by the Ld. CIT (A) in the quantum proceedings. Thus it is implied that there was n....
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.... small amount of cash deposit. We also find that the assessee in support of cash deposit has filed the cash book and there was no defect pointed out therein. 9.2 Insofar the amount returned from the staff, we note that the question of returning the advance arises only when the advances have been made. As such, none of the authorities below has doubted on the amount advanced by the assessee to such party. 9.3 Regarding the confirmation of the addition of Rs. 38,303/- we note that it comprises the following items: i. Profit on the sale of land Rs. 14,305.00 ii. Profit on the sale of Car Rs. 15,209.00 iii. Income from Mutual Fund Rs. 280.00 iv. Income from share trading Rs. 8,509.00 9.4 The assessee claimed that such addition....