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TMI Blog2019 (3) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... rch and remains untraceable the assessee could not provide evidence before any of the appellate authorities that these hundies were kept as a guarantee from the broker Shri Shyamlal Arya. In the given facts and circumstances of the case there remains no disputes that ₹ 1,50,000/- was an un accounted and undisclosed investment of the assessee and therefore penalty has been rightly levied o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 2. The assessee has raised following grounds of appeal; (1) That on facts on the facts and in the circumstances of the case, the Ld. CIT(A)-III has erred in confirming penalty u/s 158BFA(2) of ₹ 90,000/- in respect of addition made on account of hundies found amounting to ₹ 1,50,000/- (2) The appellant craves to leave, add, amend, modify, or withdraw any of the grounds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- stands confirmed by the Tribunal and penalty of ₹ 90,000/-was levied on the addition of ₹ 1,50,000/- which is challenged before us. 4. Ld. Counsel for the assessee failed to rebut the findings of fact by Ld. CIT(A) and only gave general submission that as the broker Shri Shyamlal Arya is absconding after search and remains untraceable the assessee could not provide evidence befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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