2026 (5) TMI 1279

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....Revenue : Shri Manoj Kumar, Sr. DR (Through VC) ORDER PER BRAJESH KUMAR SINGH, AM: This appeal filed by the assessee is directed against the order dated 11.02.2025 of National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as the 'Ld. CIT(A)] arising out of the penalty order dated 17.03.2024 passed under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to....

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....der. 2.1 Further, aggrieved with the said order, the assessee filed an appeal before the Tribunal on the following grounds: "1. That the learned authority below erred in passing the order on erroneous and insufficient grounds. 2. That in any event the order passed is Un-lawful, Unjustified and illegal taking into consideration the facts of the case apparent on records. ....

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....er appears to have deposited cash of Rs. 12.29 lakhs in Assessment Year 2011-12 which stood accepted in the Assessing Officer's section 143(3) assessment framed on 06.12.2018 (page-10 of the paper book). All this gives rise to a prima facie inference in assessee's favour and against the department is that the impugned cash deposits represent his cash sales turn over and cash in hand which could no....