Ms. Shivani vs DCIT

Parties Involved

Facts Summary

The captioned appeals have been filed by the assessee, Ms. Shivani, seeking to assail the First Appellate order dated 10.10.2024 passed by Commissioner of Income Tax (A)-3, Noida [“CIT(A)”] under s. 250(6) of the Income Tax Act, 1961 [“the Act”] arising from the assessment order dated 17.12.2019 passed under s. 143(3)/153A of the Act pertaining to assessment years 2014-15 & 2015-16 respectively. The assessee has challenged the imposition of penalty under s. 271(1)(c) of the Act on alleged unexplained cash deposits. For AY 2014-15, the addition of INR 5,06,497/- was made towards alleged cash deposits on the returned income of INR 9,95,560/-. Similar additions towards alleged unexplained cash credits were made for AY 2015-16 is INR 14,21,455/-. The AO has imposed penalty on such additions.…

Legal Issues

• 1. Whether the penalty under s. 271(1)(c) of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

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