RAGHUVIR SONI Vs. ASSISTANT COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) HEARD learned counsel for the appellant. The appellant has sought to challenge the order passed by the Tribunal sustaining the levy of penalty under S. 271(1)(c) of the IT Act, 1961 (for short 'the Act, of 1961') in respect of additions made in the income of the appellant as a result of cash found in his possession, source of which was not explained to the satisfaction of the assessing authority.

(2.) THE facts relevant for the present purposes, which need to be noticed are that the assessee was found in possession of a sum of Rs. 2,30,000 during the previous year relevant to asst. year 1990 91 by the customs authorities.

(3.) HAVING carefully considered the contention of the learned counsel for the assessee, we are unable to sustain it.