Rishab Rana v. ACIT

INCOME TAX ACT, 1961

--Penalty under section 271(1)(c), Explanation 1--Concealment or furnishing of inaccurate particulars of income Addition on account of unexplained bank deposits --Held: Assessee could not explain the credit entries in the bank account and agreed for addition. Assessee had failed to offer any explanation to substantiate the deposits in his bank account. Therefore, Explanation 1 to section 271(1)(c) was clearly applicable in the case of the assessee. Merely because the assessee had agreed for addition was no ground to absolve the assessee from levy of penalty. Thus, assessee had concealed the particulars of income or furnished inaccurate particulars of income. Accordingly, the CIT(A) was justified in levying penalty to the extent of addition on account of unexplained bank deposits.

Income Tax Act, 1961, Section 271(1)(c) Explanation 1

Relied:Mak Data Pvt. Ltd. v. CIT (2013) 358 ITR 593 (SC)

REFERRED :

FAVOUR : Against the assessee

A.Y. : 2009-10

IN THE ITAT CHANDIGARH A BENCH

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