2025 (11) TMI 1516

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....rred to as, the 'Act'), vide his order dated 28.12.2019. The penalty under challenge was levied by ACIT, Central Circle- 20, New Delhi u/s 271(1)(c) of the Act, vide his order dated 15.03.2022. 2. At the outset, it is noticed that this appeal is barred by limitation i.e., by 412 days. The Assessee has filed Condonation Petition, supported by an Affidavit. The facts of the case are that the Ld. CIT(A) passed the impugned order on 22.02.2024, dismissing the appeal of assessee against the penalty order passed u/s 271(1)(c) of the Act. The Assessee filed appeal before ITAT, Kolkata Benches under bonafide belief that the said Bench had jurisdiction of the Assessee as the jurisdictional Assessing Officer was in Kolkata. The Assessee subsequent....

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.... computing the original assessment, the Assessing Officer noted that there are credit entries appearing in the Assessee's Bank Account in respect to the Five Companies which are as under: Date Name of the Assessee Amount (in Rs. ) 22.06.2011 Wonder Rexin Pvt Ltd. 97200 02.07.2011 Wonder Images Pvt Ltd. 40500 09.08.2011 Wonder Decor Pvt Ltd. 121500 27.07.2011 Solaris Developers Pvt Ltd. 202500 24.08.2011 Steel Industries of Orissa 108000   Total 569700 When the Assessing Officer required the Assessee to explain the nature and source of above credits, appearing in the Bank Account, the Assessee could not explain the nature, hence, the Assessing Officer added the same u/s 6....

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....penalty on addition of Rs. 5,69,700/- is hereby confirmed." 6. Aggrieved, the Assessee is in appeal before the Tribunal. 7. We have heard rival contentions and, gone through the evidences of the case. Now, before us, Ld. Counsel for the Assessee filed additional evidences along with the Petition of admissibility of additional evidences vide letter dated 17.09.2025, stating that this amount of Rs. 5,69,700/- is not cash credit coming into the bank account rather this is the interest income on previous deposits and credited during this year. Along with this, the Assessee filed details of interest receipts from Six parties wherein, total interest received was Rs. 10,83,000/-, and on this the TDS deduction was Rs. 1,08,300/- and net amoun....