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2018 (11) TMI 1792 - KERALA HIGH COURTRevision u/s 263 - Gross profit addition - HELD THAT:- There can be no doubt that so long as the view taken by the AO is a possible view, the same ought not to be interfered with by the Commissioner under Section 263 of the Act merely on the ground that there is another possible view of the matter. Permitting exercise of revisional power in a situation where two views are possible, would really amount to conferring some kind of an appellate power in the revisional authority. This is a course of action that must be desisted from. The calculation of the Gross Profit was made by the AO, and the assessee agreed to the additions made. We are, therefore, of the view that the changes suggested by the CIT invoking the revisional jurisdiction under Section 263 of the Act is not sustainable. Penalty u/s 271(1)(c) - conscious attempt on the part of the assessee to destroy accounts - only consequent to the survey that the assessee had filed return of income and shown an additional income of ₹ 23 lakhs - HELD THAT:- Section 271(1)(c) of the Act imposes strict liability on the assessee for concealment of income. There is no doubt that in the instant case, there was concealment by the assessee. The mere fact that he had consented to the additions made would not exonerate the assessee from the liability to pay penalty. The penalty has been reduced to 200% by the Tribunal. We do not intend to interfere with that finding of the Tribunal. Question of law raised pertaining to the assessment proceedings is answered in favour of the assessee; and that of imposition of penalty is answered in favour of the Revenue and against the assessee.
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