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2021 (6) TMI 507 - AT - Income TaxPenalty u/s 271 (1) (c) - under reporting of student fee - discrepancy in the student fee as shown by the assessee in the books of accounts in comparison to the facts and details noted during the survey - HELD THAT:- Once the computation of the fee by the Assessing Officer is based on the correct facts then the discrepancy in the fee shown by the assessee in the books would amount to furnishing of inaccurate particulars of income. The explanation of assessee is not supported by any facts or details therefore, the said explanation cannot be regarded as bona-fide or reasonable when it is only to dispute the computation of the consolidated fee received by the assessee. There is no quarrel on the point that as per the explanation 1 to Section 271 (1) (c) the primary onus is on assessee to furnish the explanation which is bona-fide and reasonable and if the Assessing Officer is not satisfied with such explanation the burden is shifted on the Assessing Officer to bring contrary facts or material on record to counter the explanation so furnished by the assessee being not bona-fide. In the case in hand the assessee, though explained the reasons for discrepancy in the fee recorded in the books of accounts however, the actual fee received by the assessee as detected during the survey proceedings is not in dispute therefore, such an explanation for discrepancies without any supporting evidence and proper details cannot be accepted as bona-fide or reasonable. No error or illegality in the impugned order of the CIT (appeals) in sustaining the levy of penalty under Section 271 (1) (c). The same is upheld. - Decided against assessee.
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