9911796707
TMI Blog2000 (4) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961, for asst. yr. 1991-92. 2. I have considered the submissions made by the learned representatives of both the sides and have also perused the orders of the learned Departmental authorities. The AO levied penalty under s. 271(1)(c) in relation to an addition of Rs. 30,000 made in respect of credit in the account of Smt. Damayanti Devi. This amount was surrendered by the assessee in the cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llan, bank entries to prove the fact of receiving the said gift from her father. The assessee received this deposit of Rs. 30,000 otherwise by way of an a/c payee cheque because of compelling circumstances. The bankers of the assessee required him to suddenly deposit Rs. 1,96,000 on the same day due to dishonour of cheque given by M/s Hindustan Petroleum Co. Ltd., as there was a mistake in the che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dt. 30th July, 1992. If the letter of surrender made in the aforesaid circumstances with the specific condition of no penalty is ignored, there is no material for holding that the cash credit of Rs. 30,000 received, by the assessee from Smt. Damayanti Devi is a bogus cash credit or unexplained cash credit. The Hon'ble Supreme Court in the case of Sir Shadilal Sugar Gen. Mills Ltd. vs. CIT (1987 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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