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TMI Blog2019 (10) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... which impeded requisite inquiry. In view of the indifferent behavior, we proceed to dispose of the appeal on the basis of submissions made by the assessee before the CIT(A). Nothing substantive to rebut the allegation of cash deposits of ₹ 1,90,000/- in aggregate as an explained. The CIT(A) has also observed that assessee has failed to explain the source of cash deposit. Nothing has been brought on record before the Tribunal to rebut the aforesaid findings of the CIT(A). We thus see no reason to interfere with the order of the CIT(A) confirming the penalty of the aforesaid amount. - Decided against assessee. - I.T.A. No. 1216/Ahd/2012 (Assessment Year: 1994-95) - - - Dated:- 11-9-2019 - SHRI RAJPAL YADAV, JUDICIAL MEMBER AN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed by the AO was also confirmed by the CIT(A) with following observations: 2.2.1 Regarding addition of ₹ 1,90,000/- i.e. unexplained cash deposits in the bank accounts, neither during assessment proceedings nor before CIT(A) in the quantum addition proceedings, any explanation regarding source of cash deposit was furnished. Even before me, no explanation is furnished in this regard. Since appellant has not furnished any explanation regarding source of cash deposit in the bank accounts, it is a case falling under Explanation 1 below section 271(1)(c). Decision in the case of National Textile v CIT, 114 Taxman 203 is not applicable in view of Supreme Court's decision in the case of Dharmendra Textiles Proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d could not point out anything in this regard. The learned AR however urged for deletion of penalty. 7. The learned DR, on the other hand, strongly relied upon the order of the CIT(A) confirming the penalty and submitted that the narratives framed on behalf of the assessee has no substance and was not pleaded at any stage. It was further submitted that assessee has failed to provide the source of credit till today and therefore the findings in the quantum proceedings becomes a very good evidence for the purposes of penalty proceedings as well. 8. We have considered the rival submissions. The correctness of penalty imposed under s. 271(1)(c) of the Act by the Revenue on alleged unexplained cash deposits, is in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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