2022 (10) TMI 417

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.... 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year (A.Y) 2010-11 and ITA No. 2878/Ahd/2017 is filed by the Assessee against the order dated 09.12.2015 passed by the Commissioner of Income Tax (Appeals)-4, Vadodara confirming the levy of penalty u/s. 271(1)(c) of the Act relating to the same Assessment Year 2010-11. 2. The brief facts of the case is that the assessee is an individual, Senior Citizen and retired employee from ONGC Ltd. on 31.03.2009, deriving income from Salary, House Property and other Sources. The assessee has not filed the Return of Income under 139(1) of the Act. Therefore a notice u/s. 148 was issued on 07.12.2012 and in response thereto the assessee filed its Return of Income declaring total i....

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....ce of Rs. 26,89,388/- remains unexplained. Though the assessee was in possession of the evidences and documents during the course of assessment proceedings, but the same was not produced before the A.O. for the reason best known to the assessee namely assessee's ill-health and shifted to New Delhi, therefore could not produce the details to the A.O. which is not acceptable and convincing. Since seven opportunities were given by the Assessing Officer to the assessee, therefore the A.O. pleaded that the additional evidences should not be admitted. 3.1. The assessee filed its rejoinder to the remand report vide letter dated 06.08.2015 explaining that the source of investments are based on the post retirement funds and redemption of various mu....

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....it Entries in Bank accounts as Unexplained Money 40,18,534.00 3 Unexplained Interest 24,872.00 2. The Learned Commissioner of Income Tax (Appeals) has erred in overlooking and summarily rejecting additional evidences submitted by the appellant. 3. The Lower Authorities erred while submitting remand report treating Investments in various mutual funds as unexplained investments inspite of all evidences were produced before first appellate authority. 4. The Lower Authorities erred while submitting remand report treating all credit entries in bank accounts as unexplained money inspite of all entries have been explained with supporting evidences produced before first appellate authority. 5. The Ld. Commissioner of Income Tax ....

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....alth it was not possible to collect the documents and submit before your honour. We would like to beg that all the evidences that are been collected required presence of the assesse himself ill and senior citizen himself then it was not possible by him through messenger. We would still like to maintain the reasons as mentioned in earlier request dated 26/05/2015 that we were prevented by sufficient cause and insufficient opportunity for furnishing the same. 9. Your honour we would again like to plead that my lordship to allow the evidences and explanations as every point of the assessment order is validly explained by us and all the related evidences have been furnished by us and being genuine case as statements are of mutual funds and o....