Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 1326 - AT - Income TaxPenalty u/s 271(1)(c) - income offered in search - onus on the assessee to prove the income - Held that:- In the case before us, the assessee had offered a sum of ₹ 23 lakhs during search which has not been included in the returned income. Similarly another sum of ₹ 43,25,000/- stated to have received from customers for which no evidence was given. Even in penalty proceedings no explanation has been given in respect of these two items before the Assessing officer or CIT(A) or even before us. The onus was on the assessee to give some explanation to prove that this income is not concealed income. The Hon'ble Supreme Court in case of K.P. Madhusudan Vs. CIT (2001 (8) TMI 8 - SUPREME Court) has clearly held that once a show cause notice is given then onus is on the assessee to give explanation that a particularly item is not income. CIT(A) has correctly confirmed the penalty and accordingly we confirm his order. - Decided against assessee.
|