Case Law Details
Case Name : Naranbhai S.Patel. Vs ITO (ITAT Ahmedabad)
Related Assessment Year :
Courts :
All ITAT ITAT Ahmedabad
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Brief Facts of the Case
During assessment, the AO found 6 undisclosed bank accounts while scrutinizing the transactions in an undisclosed bank account as the said bank account had transfer entries to other 5 bank accounts.
In addition to assessing the undisclosed income to tax as the assesse was unable to disclose the source of deposit, the AO also levied penalty under section 271(1)(c) based on the peak balance in all the 6 bank accounts amounting to 1,33,400/- for Assessment Year 1991-92 and Rs 3,88,700/- for Assessment Year 1992- 93.
The assesse claimed that the AO had made an estimate o...
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Dear Sir,
Govt. made it mandatory for all taxpayer if IT that to show all banks details.
Pls let me know what if not showing all the banks details.
BR,
Ketan