2025 (2) TMI 1780

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....lendra Srivastava, Sr. DR ORDER PER SATBEER SINGH GODARA, JM These assessee's twin appeals ITA Nos. 204 & 205/Agr/2023 for assessment year 2011-12, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the "CIT(A)/NFAC"], Delhi's DIN and order nos. ITBA/NFAC/S/250 /2023-24/1053359491(1) and ITBA/NFAC/S/250/2023- 24/1053355418(1), dated 31.05.20....

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....siness receipts in cash and some of the cash deposits herein represent his personal and his family's "accumulated" past savings etc. 6. The Revenue's case, on the other hand, is that it was the assessee's bounden duty to plead and prove all the relevant facts, and, therefore, the impugned addition forming subject matter of our adjudication deserves to be upheld. 7. We have given our thoughtf....

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....accepted. 8. Coming to the assessee's consequential penalty appeal ITA No. 204/Agr/2023; the Revenue could hardly dispute that section 271(1)(c) penalty in an instance of such an estimated cash deposits addition, would not be sustainable in law going by the CIT v. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158 since involving subjective appreciation of evidence filed during the assessment. ....