Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 11 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of income and furnishing inaccurate particulars - surrender of income to to buy peace, and avoid protracted litigation, however during assessment proceedings, assessee disclosed details of bank account in the name of firm, but not disclosed details of second bank account in his name, having various cash credits during relevant period - Held that:- Admittedly, assessee did not disclose the bank account in his name in his balance sheet annexed with the return nor the transactions reflected therein in the regular books of accounts. Indisputably, cheques and cash was deposited in the undisclosed account. The assessee also admitted that transactions of sale of bearings of Rs.Rs.52.27 lacs were not recorded in the regular books of accounts. During the course of assessment proceedings, the assessee did not furnish any explanation regarding source of deposits in the undisclosed bank account to the satisfaction of the AO and accordingly, accepted addition of Rs.9 lacs to the total income proposed by the AO. Even in response to SCN before levy of penalty, the assessee did not furnish any explanation whatsoever before the AO and thus, failed to discharge the onus laid down upon him in terms of explanation 1 to sec. 271(1)(c). Where the surrender of income was not voluntary, but was as a result of detection by the assessing authority, penalty cannot be avoided. Order of penalty u/s 271(1)(c) is upheld - Decided against assessee.
|