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2019 (6) TMI 706 - AT - Income TaxPenalty u/s 271 (1)(c) - concealment of business income - profits are estimated owing to rejection of books of account or non-availability of complete details - HELD THAT:- This is a clear case of concealment wherein, the entire affairs of the business have been kept concealed from the department. It was only after receipt of information in connection with BCTT and conducting of survey u/s 133A the affairs of the business have come to fore and the revenue has fairly determined the gross profit @ 6.33% on the turnover taking into consideration entire business activities of the assessee. We have also given thought as to whether penalty is levied when addition has been made on estimate basis. At the same time, we find that this case does not fall under the category where the profits are estimated owing to rejection of books of account or non-availability of complete details. This is a case where entire business affairs have been concealed. The assessee has concealed in entirety the factum of running a proprietary concern and the profits derived there on will undisputedly takes the character of concealment of income and hence in view of the above discussion, we decline to interfere with the order of the CIT (A). - Decided against assessee.
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