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2019 (9) TMI 680 - AT - Income TaxPenalty u/s 271(1)(c) - bonafide belief - addition was made on enhancement u/s. 251(1) of the Act for the benefit of telescoping of income/outgoings - undisclosed transactions have been admitted to be undisclosed and he was ready to pay tax on it - scope of amendment - HELD THAT:- The position now is that unless and until the assessee substantiates the explanation and proves that such an explanation was bonafide, the addition made to his income shall deemed to represent the concealed income. As per the proviso to this Explanation, the onus to establish that the explanation offered was bonafide facts relating to the same and material to the computation of his income have been disclosed by him will be on the person charged for concealment. Now the entire onus is on the assessee to not only offer an explanation but also to substantiate it and to prove that the presumption was bonafide. CIT(A) has rightly observed that assessee had deliberately and intentionally not disclosed the true and correct income with the intention to evade tax to the extent of ₹ 2,28,90,500/- on account of undisclosed sale of property and bank transaction and the Assessee himself has not filed any return of income and has admitted the transaction to be undisclosed. Even otherwise, we note that the Tribunal in quantum appeal vide its order dated 06.6.2019 in assessee’s own case in the same assessment year i.e. 2009-10 has upheld the action of the Ld. CIT(A) for enhancement of income. No infirmity in the impugned penalty order of the Ld. CIT(A), hence, we uphold the penalty order of the Ld. CIT(A) and reject the ground raised by the Assessee.
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