TaxTMI 
TaxTMI 
2026 (9) TMI 764
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....come Tax Act, 1961 dated 20.02.2024, relevant to the Assessment Year 2017-18. 2. When the matter was called for hearing, the learned Counsel for the assessee at the outset submitted that appeal has been filed by the assessee belatedly by 402 days before ld.CIT(A) and ld.CIT(A) did not condone the delay, despite the fact that assessee had explained the reasons for delay. Therefore, the assessee has moved a petition for condonation of delay, requesting the Bench to condone the delay, in filing appeal before ld.CIT(A). The learned Counsel therefore, adverted my attention to the affidavit filed in this regard citing reasons for condonation of delay and urged for a benign view and sought condonation of delay of 402 days. Learned Counsel for t....
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.... issued to assessee on 26.05.2022. Consequently, the order u/s. 148A(d) of the Act was passed on 30.07.2022 and notice u/s. 148 of the Act was issued to the assessee on 30.07.2022. Based on the above facts, the case of Shri. Atul Jentilal Gumasna, for the Assessment Year 2017-18, was reopened u/s. 147 of the I. T. Act, 1961. During the course of assessment proceedings, various notices were issued for seeking information/clarifications from the assessee. The assessment was completed u/s 147 of the Income Tax Act and order was passed on 08.05.2023 by adding back the unexplained cash deposit of Rs. 8,78,000/- which was treated as unexplained money under Sec. 69A of I.T. Act, 1961. As the concealment of income was determined during the assessme....
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.... 7. I have considered submissions of both the parties.I note that the Tribunal in the assessee's own case in quantum appeal, in ITA No. 488/Rjt/2025, vide order dated 27.01.2026 has made estimated addition @10% in the hands of the assessee. Since, the ITAT has made the estimated addition in the hands of the assessee in quantum appeal, therefore, penalty should be not be levied. The estimated addition in the quantum proceedings, in ITA No. 488/Rjt/2025 in assessee's case is reproduced below: "8. I have heard both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the findings of the l....
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....ary evidences, before the assessing officer to prove the source of the cash deposit. I note that the complete disallowance of Rs. 8,78,000/-, cannot be made in the hands of the assessee, as the assessee has filed some documentary evidences before the assessing officer which is mentioned in the assessment order. Besides, only the profit element embedded in the cash deposit in the bank account of Rs. 8,78,000/-, should be made in the hands of the assessee. I note that during the financial year, the assessee carried out the trading business of edible oil, as a proprietor concern, named M/s Prabhat Industries and copy of balance sheet and audit report were submitted by the assessee before the assessing officer. The assessee received income from....