2011 (4) TMI 84

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..... s of account and other documents for the period specified in the said rules, the Assessing officer or the Commissioner(Appeals) may direct that such person shall pay , by way of penalty a sum of twenty five thousand rupees .  3. In nutshell, the appellant's premises was surveyed by invoking Section 133A of the Act of 1961. The assessee's statement was recorded under purported power given under sub-clause (iii) sub-section(3) of Section 133A. Those statements were also relied upon for imposing penalty by the Assessing Officer. The Assessing Officer, by the impugned order, not only observed that the assessee in the said statement categorically admitted that no books of account of the Company have been maintained but also observed that t .....

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..... n assailed by the Assessing Officer. In view of the above reasons as well as in view of reason that the statement recorded under clause (iii) of subsection( 3) of Section - 133A, different views than the statement recorded under Section 132(4) of the Act,1961 have been taken  6. Learned counsel for the appellant in support of his contention that the statement recorded of the assessee could not have been based and could not have been relied upon, in view of the Division Bench judgment of Delhi High Court , delivered in the case of Commissioner of Income Tax vs. Dhingra Metal Works, reported in (2010) 236 CTR(Del) 621 and judgment of the Madras High Court and Kerala High Court , delivered in the cases of Commissioner of Income Tax vs .....

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..... f account and that statement was not denied and retracted, therefore it was admitted case that books of account were not maintained and even in present proceedings where the issue was with respect to maintaining of the books of account by the assessee, the assessee at his risk did not produce the books of account, therefore, at the time of passing of the order by the Assessing Officer, the Assessing Officer had the statements, recorded during course of survey and coupled with the fact that, that was not denied by the appellant-assessee at any point of time and thereafter he did not produce the books of account. It may be true that the evidentiary value of the statement recorded under Section 133A (3)(iii) may be different than the statement .....

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