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2014 (8) TMI 1015 - HC - Income TaxPenalty levied under section 271(1)(c) - addition u/s 68 - Held that:- The assessee had not disclosed the bank account maintained with UTI Bank, Sector 8, Chandigarh (now Axis Bank) during the assessment proceedings. On calling information from the said bank, the Assessing Officer noticed that the assessee had deposited ₹ 1,20,00,000/- in the said account on 19.4.2006 and 22.4.2006 which remained unexplained. On scrutiny of bank statement, it was found that ₹ 1,19,90,000/- was transferred from the account of Shri Pritam Singh on 19.4.2006 and 22.4.2006 and there was an entry of ₹ 1,01,000/- of cash deposited on 3.8.2006 in the said account of Pritam Singh. The explanation of the assessee was that he had received some advances from one Shri Pritam Singh for purchase of agricultural land on behalf of the company named M/s West Point Properties Pvt. Limited. It was claimed that as the assessee had failed to arrange agricultural land for West Point Properties Pvt. Limited, therefore, the entire amount of ₹ 1.20 crores was returned back to them. The assessee was not able to substantiate his version as he had failed to provide any material to show that amount was received by Pritam Singh from M/s West Point Properties Pvt. Limited. The Assessing Officer had thus added the aforesaid amount as unexplained income of the assessee. The revisional authority had confirmed the said addition under Section 264 of the Act. The reference to various documents as contended by learned counsel does not establish the genuineness or the capacity of Shri Pritam Singh or availability of funds with M/s West Point Properties Pvt. Limited. The self serving affidavits or memorandum of understanding, compromise deed and statement of account of Pritam Singh from Axis Bank does not help the appellant as the assessee had failed to produce the alleged Shri Pritam Singh or furnish his address or PAN and establish the credentials of the company M/s West Point Properties Pvt. Limited. The Assessing Officer had thus rightly imposed penalty under Section 271(1)(c) of the Act for concealment of income.- This was affirmed by CIT(A) on an appeal by the assessee - Decided against assesee.
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