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2018 (4) TMI 124 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Held that:- The additional income year-wise was offered by Shri Shailesh Mahadev Joshi on behalf of himself, his wife and other partnership firms on the basis of documents found and seized during the course of search at his residence. The first set of documents relate to unaccounted sales of Wada Pav and others at different outlets. Another set of documents which were found on account of undisclosed investments in jewellery, deposits with Pat Sansthas, fixed deposits, etc. We have already adjudicated similar issue in the case of Mrs. Vasundhara Shailesh Joshi (2018 (3) TMI 1583 - ITAT PUNE) wherein also the assessment was completed under section 153A r.w.s. 143(3) of the Act. While deciding the issue of levy of penalty levied under section 271(1)(c) of the Act, the Tribunal vide paras 16 to 19 held that the provisions of Explanation 5A to section 271(1)(c) of the Act were clearly attracted and the penalty levied under section 271(1)(c) of the Act has been upheld. - Decided against assessee.
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