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2013 (11) TMI 831 - AT - Income TaxBlock assessment - Penalty u/s 158BFA(2) of the Act – Undisclosed income - Entries made in the peace of paper separate from the regular books of accounts – Held that:- If the time limit for filing return of income has not expired, then the income from the transactions entered in the books of account or any other documents maintained in the regular course of business has to be excluded from the computation of income. In this case, what was found during the course of search operation is the amount shown as receivables. Though the assessee claims that this is the document maintained in the regular course of business, this Tribunal is of the considered opinion that the amount shown as receivables in a piece of paper cannot be treated as books of account maintained in the regular course of business in the absence of a corresponding entry in respect of the credit sales in the books of account maintained in the regular course of business. What was recorded in a piece of paper as amount receivable has to be treated as turnover outside the books of account. Therefore, this Tribunal is unable to accept the contentions of the assessee that the seized document which discloses the amount receivables on credit sale has to be treated as document maintained in the regular course of business – Decided against the Assessee. However, penalty reduced from 200% to 100%. - Decided partly in favor of assessee.
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