Home
Forgot password New User/ Regiser Register to get Live Demo
2023 (5) TMI 959 - AT - Income TaxLevy of penalty u/s 271(1) (c) - undisclosed investment toward purchase of the property and payment made towards interiors for purchase of villa - HELD THAT:- We find the addition was not voluntary but only after the search was conducted and incriminating evidence were found and confronted to the assessee for which the assessee had no other option but to pay the tax on the said amount. Had there been no search, the assessee would not have offered the above income to tax. So far as the confirmation from M/s. Trident Constructions in respect of sale of immovable property,the same cannot help the assessee since the same is undated and further, the assessee has already paid an amount of Rs. 50 lacs and he was unable to explain the source of the same. Since the assessee could not explain the source of the purchase of the property at Bangalore and the payment towards interiors of villa the additions were made u/s. 69B confirmed - The addition so made was not voluntary but on being confronted during the assessment proceedings on the basis of seized material. Penalty levied by the AO and sustained by the ld.CIT(A) in our opinion is fully justified. Decided against assessee.
|