2012 (3) TMI 644

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....71(1)(c) of the IT Act, relating to asst. yr. 1994-95. During the assessment proceedings, it was noticed that assessee has introduced cash credits amounting to Rs. 5,39,775. As per order of the AO, the assessee failed to give satisfactory explanation regarding source of credits. Accordingly addition was made. Matter reached upto the stage of Tribunal and the assessment order was set aside by the T....

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....of creditors, it does not prove that all these credits are bogus and ingenuine. However, the AO was not satisfied, therefore, he levied a penalty of Rs. 1,32,667. The learned CIT(A) also confirmed the action of the AO. 2. Now the assessee is in appeal here before the Tribunal. 3. The learned counsel of the assessee filed written submissions and also placed reliance on various case laws, copi....

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....act, death certificate was filed. Credits appearing in the accounts of the abovesaid three creditors have been accepted as genuine and, therefore, no addition was made. Similarly, in other cases also the confirmations along with their complete addresses, copies of accounts in the respective firms were filed. Bank statement along with copy of accounts from the books of assessee showing the amount r....