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2012 (6) TMI 261 - KERALA HIGH COURTUndisclosed income - Pursuant to the notice assessee filed return in Form No.2B declaring undisclosed income of Rs.3 lakhs. However, apart from this declared undisclosed income, the assessing officer made an addition of Rs.4,15,000/-. Even though the assessee made specific plea that out of Rs.4,15,000/- Rs.3 lakhs represents gift received from Non Resident Indians, Assessee not only failed to prove it but did not even pursue the contest against assessment – Held that:- with reference to the undisclosed income of Rs.3 lakhs which though claimed as a gift, the assessee miserably failed to prove it. Penalty u/s 158BFA (2) of the I.T.Act - penalty is mandatory at least on above amount Regarding balance amount of Rs.1,15,000/- Held that:- it is only an additional amount after rejection of cash flow statement. some leniency can be shown to the assessee in respect of this amount because with the tax and penalty and the interest for delay in payment of tax the assessee would otherwise end up paying more than the undisclosed income.
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