9911796707
TMI Blog2017 (3) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... me have assessed at Rs. 13,96,6101-. While passing the order, the additions was made of Rs. 2,00,000/- On account of Cash Credit in hands of the assessee. This addition was made since the assessee has not explained satisfactorily the cash payment of Rs. 2,00000/- made to the various labors at the sight of M/s. Shakti Acqva and also by M/s. Shakti Acqva on behalf of the assessee. The another addition was made on account of unproved loans to the extent of Rs. 1,75,000/- since the assessee has failed to prove the genuineness of loans transactions for loan taken from the loan creditors alongwith theirs sources of income, credit worthiness and capacity of issuing loans. As the assessee has concealed the particulars of her income and also filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade on two counts in the assessment order namerly; Unexplained cash credit of Rs. 2lacs. Unproved loans to the extent of Rs. 1.74lacs I wish to submit the following facts for your kind perusal. Cash Credit of Rs. 2 lacs Rs. 2,00,000/- were received from M/s Shakti Aquaculture Ltd to tide over the financial crises faced by me on 05-04-1996, subsequently Rs. 2 Lacs were withdrawn on 14-08-1996 and returned to M/s Shakti Aquaculture Ltd. The Ld. AO without taking cognizance of hard realities of Fishing Business gone towards the different direct/or, and tried to disapprove the happening occurred in April & August, 1996. Under these circumstances, the so called additions of Rs. 2 Lacs cannot be construed as filing of inaccurate parti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the wrongfulness or the act that a person commits. it is said to be present in a person does something Incorrectly deliberately knowing that his action is against law. In other words, the person has guilty mind in committing the relevant act. only when such mental attitude is present in an act, the person who commits it is said to have acted deliberately in defiance of law or is guilty of dishonest conduct which is not the case in this matter. Guilty mind, or deliberate efforts to conceal the fact is never argued or put on record." 4. However the Ld. CIT-A was not convinced. Ld. CIT-A went on to hold that a difference between the returned and assessed income leads to inference of concealment. Learned CIT-A proceeded to conform the penalty. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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