Penalty Justified for Failure to Explain source of Credit in the name of Partners

IN THE ITAT DELHI BENCH ‘A’ Bright India Body Builders Versus Income-tax Officer IT APPEAL NO. 4411 (DELHI) OF 2009 [ASSESSMENT YEAR 2005-06] OCTOBER 5, 2012 ORDER A.N. Pahuja, Accountant Member  This appeal filed on 18.11.2009 by the assessee against an order dated 31-08-2009 of the ld. CIT(A)-XXII, New Delhi, raises the following grounds :- 1.  “Whether in the facts and in the circumstances of the case the Ld. CIT(A) was justified in sustaining the penalty as imposed by the I.T.O u/s 271(1)(c) of the Act.  2.  In the facts and in the circumstances of th...