Dismissing the appeal the Court held that, the Tribunal found that it had been admitted that cash had been deposited into the bank account of the assessee, but why the funds were withdrawn in cash for repayment to the director and subsequently to the financier remained unexplained. Further the Tribunal had found that the assessment order of the financier showed unaccounted cash and had concluded that the assessee had been used as custodian of the unaccounted cash of the financier. The assessee was not able to give any explanation to substantiate with evidence for repayment of the deposits to the financier. Thus after considering all the factual aspects, the Tribunal had rightly confirmed the levy of penalty under section 271E. (AY.2012-13 to 2015-16)