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2018 (8) TMI 727 - HC - Income TaxLevy of penalty u/s 271(1) - allegation of concealment of income - the accounts filed by the appellant was audited by the Chartered Accountant and the assessment was completed by applying flat rate on the turn over disclosed by the appellant - application of explanation 1A to Section 271(1)(c) - Held that:- The AO while finalising the assessment under Section 143(3) of the Act did not believe the story set up by the assessee for loss of books of account and invoked the provisions of Section 145(3) of the Act. CIT(A) also specifically rejected the contention of the assessee for loss of books of account and hold that it was a cooked up story of the assessee and did not find any merit in the appeal. The assessee could not furnish any explanation except setting up a cooked up story for loss of the books of account. It was admitted case that the books of account were maintained in the computer. The assessee did not even furnish the computer generated copies of the books of account. Levy of penalty confirmed - Decided against the assessee.
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