1976 (3) TMI 61

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....losed an inocme of Rs. 7,757 for this year, while the assessment was made on an income of Rs. 23,450 which included extra profit addition of Rs. 7,500 and an addition of Rs. 5,000 as income from undisclosed sources. These additions were confirmed by the AAC in the first appeal as also by the Tribunal in the second appeal, but because of the extra profit addition no separate addition was made for t....

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.... cash credit, the submission made was that since the assessee failed to prove the transaction, the amount was added back and because of that also penalty could not be imposed. It was emphasised that it was not a case of concealment at all. On behalf of the revenue, it was submitted that the imposition of penalty was quite justified on the facts of the case and which regard to the deposit of Rs. 5,....