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TMI Blog2014 (9) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... . Awasthi,G. Krishna,R.K. Upadhyay,S.C.,S.Chopra ORDER (Per Hon'ble Dr. Satish Chandra, J) The present appeal is filed by the assessee under Section 260A of the Income Tax Act, 1961 against the order dated 28.02.2005 passed by Income Tax Appellate Tribunal, Agra in I.T.A. No. 187/Agra/2000 for the assessment year 1996-97. On 07.09.2007, a coordinate Bench has admitted the appeal on the fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had surrendered the said amount? (d)Whether there was any material available to show that the amount surrendered by the appellant was its concealed income and the Tribunal has overlooked this vital aspect? (e) Whether upon the facts and circumstance of the case, the additions under section 68 can be treated as a concealed income of the appellant for imposing penalty under section 271(1)(c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at there was no malafide intention on the part of the assessee. The amount of Rs. 1,47,000/- represents to the cash credits from eight persons, each deposit was less than Rs. 20,000/-. To support his argument, he relied on the ratio laid down in the following cases :- CIT Vs. M.P. Narayanan 1998 (149) CTR (Madras) 1 Lastly, he made a request that the penalty levied by the A.O. may kindly be canc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 276 ITR 156 (MP); and (b) CIT Vs. Steel Processor 286 ITR 315 (Karnataka) The ratio laid down in the case of Makdeta Vs. CIT (2013) 358 ITR 593 SC is not applicable as the surrender was voluntarily. In the instant case, it appears that the each deposit was less than Rs. 20,000/- which is meager amount. The assessee might have contested it on merit, but to purchase peace, he has surrendered th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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