Radha Chandrababu Panikar vs. Income Tax Officer

Parties Involved

Facts Summary

Both appeals relate to the same assessee and pertain to the same Assessment Year (A.Y.) 2011-12. The first appeal is against the order passed by the Commissioner of Income Tax (Appeals) in quantum proceedings in assessment order passed under Section 147 of the Income Tax Act, 1961. The second appeal is against the order of the Commissioner of Income Tax (Appeals) confirming the levy of penalty under Section 271(1)(c) of the Act on the addition made to the income of the assessee in the quantum proceedings. The assessee, Radha Chandrababu Panikar, was a non-filer of income tax returns and had cash amounting to Rs.11,75,000/- deposited in her bank account during the year. The assessee claimed that the cash was sourced from a loan given by her husband and her brother and partly from income earned by her by giving tuitions. However, the Commissioner of Income Tax (Appeals) confirmed the addition made in the hands of the assessee.…

Legal Issues

• 1. Addition made to the income of the assessee on account of cash found deposited in her bank account in the impugned year i.e. A.Y. 2011-12 remaining unexplained.
• 2. Penalty levied under Section 271(1)(c) of the Act for having furnished inaccurate particulars on income / concealed particulars of income relevant to addition made on account of cash found deposited in her bank account during the year.

Judgment Outcome

Decided in favour of Assessee.

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