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2016 (11) TMI 792 - RAJASTHAN HIGH COURTPenalty imposed under section 271(1)(c) - Unexplained investment under section 69B - business income claim rejected - Surrender of income - Held that:- There are not only documents of several unrecorded purchases coupled with the statements of not only the employees and key persons who had purchased the properties but also of the three directors accepting in unequivocal terms the undisclosed investment and detailing by way of separate annexures, the manner in which undisclosed investment was made year-wise. Therefore, the judgment of MAK Data P. Ltd. (2013 (11) TMI 14 - SUPREME COURT ) is squarely applicable wherein held that had it been the intention of the assessee to make full and true disclosure of its income, it would have filed the return declaring an income inclusive of the amount which was surrendered later during the course of the assessment proceedings. Thus in our view it is a proved case of concealment of income and we are also of the view that penalty was rightly imposed by the Assessing Officer and has rightly been upheld by both the appellate authorities in unison based on evidence and is a finding of fact. - Decided against assessee
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