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2009 (7) TMI 66 - HC - Income TaxPenalty u/s 271(1)(c) – rejection of books of accounts - AO was called upon to produce books of account and other documents maintained by him in respect of the business, however, the assessee did not produce it on the pretext that the accountant, who maintains books of account, is absconding. The A.O. not accepting the explanation held that the assessee failed to comply with the terms of notice under Section 142 (1) and 143 (2) and accordingly, proceeded to make best judgment assessment under Section 144 and made a lump sum addition of Rs.3 lakhs on the profit disclosed by the assessee – Held that since the assessee failed to explain the expenditure, penalty leviable
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