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2019 (5) TMI 1055 - AT - Income TaxPenalty u/s. 271(1)(c) - concealed income from cash deposits - CIT(A) felt that the estimation of income is unreasonable and, accordingly, reduced the same to 10% and confirmed the addition partly - HELD THAT:- The assessee has concealed the particulars of income because the assessee did not file return of income and also did not file the details as called for by the Assessing officer. Accordingly, concur with the findings of the lower authorities and confirm the levy of penalty and dismiss the ground of appeal of the assessee. Penalty u/s 271A - non-maintenance of books of account in violation of section 44AA - reasonable cause - HELD THAT:- Assessee has shown a reasonable cause that due to disturbance among the partners, the books of account were not maintained. Hence, in view of provisions of section 273B of the Act, no penalty shall be imposable and allow the ground of appeal of the assessee. Consequently, the appeal of the assessee is allowed. Penalty u/s. 271F - assessee has failed to furnish return of income on or before 31.3.2014 without a reasonable cause - HELD THAT:- The disturbance caused among the partners steps compelled to closure of the business could not constitute a valid ground for the delay in furnishing the return of income, as income from the said concern, a partnership firm, if any, is exempt under s. 10(2A) of the Act. In other words, the assessee could well have filed his return of income, clearly stating that the income from the partnership firm, if any, is tax exempt, is not being disclosed, being indeterminate, if indeed so at the relevant date - the assessee has not been able to show any reasonable cause(s) for not furnishing the return of income by 31st March, 2004 and, thus, the levy is not saved by s. 273B. As such, the impugned default can only be considered as a conscious disregard of one’s statutory obligations, and therefore, the penalty levied by the Assessing Officer is confirmed. - Decided against assessee.
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