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2015 (3) TMI 1169 - AT - Income TaxPenalty levied under section 271(1)(c) - Held that:- Although the assessee has shown income from the profession of consultancy to the tune of ₹ 14,62,000/- however, as per AIR information income under this head was found to be ₹ 15,65,336 /- which shows that there was deliberately and intentional concealment on the part of the asessee and similarly, the interest income received by the assessee as per AIR was ₹ 75,190/- which was not offered for taxation although it was the assessee himself who has kept the deposits in his bank, it cannot be held that there was bonafide mistake on the part of the assessee. The CIT(A) also while deciding the issue has categorically mentioned that there is no doubt that the assessee did not disclose different sources of income which come to the notice of AO through AIR information and in the facts of the present case the asessee had not brought any facts or explanation before us in order to show that there was some bonafide mistake on the part of the assesse to conceal the said income. Since, the assessee failed to discharge his basic onus to prove before us or before the revenue authorities that the mistake on the part of assessee was bonafide and therefore not reflected the said income in the return of income. Therefore, the CIT(A) has rightly upheld the order imposing penalty u/s 271(1)(c) passed by AO. - Decided against assessee.
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