Penalty justified for failure to Prove Genuineness of Cash Deposits

Mrs. Ramesh K. Patel C/o. Vs ITO (ITAT Ahmedabad) It is come on record that the assessee has not filed even a single satisfactory documentary or oral evidence or confirmation to the satisfaction of the lower authorities so as to prove genuineness of the above two cash deposits. We therefore quoting Hon’ble Apex Court’s judgment in the case of MAK Data Pvt.Ltd., Civil Appeal No.9772 of 2013 decided on 30.10.2013 that there should not only be an explanation but also it should be a well substantiated one under section 271(1)(c) Explanation (1) of the Act. There can hardly be any dispute that ...