Bansidhar Enterprises vs. ITO (1), Hazaribagh

Parties Involved

Facts Summary

The assessee, Bansidhar Enterprises, a partnership concern running a business of Petrol Pump, filed its return of income for the Assessment Year 2014-15. The case was selected for scrutiny, and certain additions amounting to Rs. 31,07,310/- were made as unexplained cash deposits. The case was finally disposed of by the Hon'ble ITAT, Ranchi Bench, restricting the additions to Rs. 2,50,000/-. Penalty proceedings were initiated after the completion of the assessment, demanding Rs. 77,250/- under Section 271(1)(c) of the Act, being 100% of the tax sought to be evaded. The assessee filed an appeal against the penalty order, which was confirmed by the Learned Commissioner of Income Tax (Appeals). The assessee claimed that the penalty order was bad in law and facts and requested its deletion.…

Legal Issues

• 1. Whether the penalty order made by CPC and confirmed by the CIT (Appeals) is bad in law and facts and liable to be set aside?
• 2. Whether the penalty order by CPC without considering the petitioner's reply in its proper perspective is illegal and arbitrary?

Judgment Outcome

Decided in favour of Assessee.

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