TMI Blog2013 (11) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... al is of the considered opinion that the amount shown as receivables in a piece of paper cannot be treated as books of account maintained in the regular course of business in the absence of a corresponding entry in respect of the credit sales in the books of account maintained in the regular course of business. What was recorded in a piece of paper as amount receivable has to be treated as turnover outside the books of account. Therefore, this Tribunal is unable to accept the contentions of the assessee that the seized document which discloses the amount receivables on credit sale has to be treated as document maintained in the regular course of business – Decided against the Assessee. However, penalty reduced from 200% to 100%. - Dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... representative, the case of the assessee is that it is not an undisclosed income, therefore, it may not be correct to say that the assessee has not objected to the assessment of the same as undisclosed income. 3. According to the ld. representative, assessment proceedings and penalty proceedings are separate and independent, therefore, the material available on record needs to be reappreciated by the authorities in the penalty proceedings. Therefore, according to the ld. representative, the finding, if any, recorded in the assessment proceedings may not be relevant for the purpose of levying penalty. According to the ld. representative, during the assessment year 2002-03 the amount receivable on credit sale is Rs. 13,12,390. The search w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded. Therefore, according to the ld. representative, there is no question of levy of any penalty. The ld. representative further submitted that the assessee has already offered an amount of Rs. 70,000 as income. Therefore, this amount of Rs. 70,000 shall be reduced from the undisclosed income for the purpose of computation of penalty. The ld. representative further submitted that levy of penalty u/s 158BFA(2) is only discretionary and not mandatory. The assessing officer has every discretion to levy penalty either at 100% or upto 300%. In this case, according to the ld. representative, the assessing officer levied penalty at 200%. At the best, according to the ld. representative, penalty could be levied only at 100% and not at 200%. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the absence of corresponding books of account for the sale of jewellery in the regular course of business, this Tribunal is of the considered opinion that the amount shown as receivables has to be treated as undisclosed income. 6. We have also carefully gone through the provisions of section 158BB(1)(d) of the Act. No doubt, this section makes it clear that if the time limit for filing return of income has not expired, then the income from the transactions entered in the books of account or any other documents maintained in the regular course of business has to be excluded from the computation of income. In this case, what was found during the course of search operation is the amount shown as receivables. Though the assessee claims that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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