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2015 (10) TMI 584 - ITAT AHMEDABAD

2015 (10) TMI 584 - ITAT AHMEDABAD - TMI - Penalty u/s. 271(1)(c) - CIT(A) deleted the addition - Held that:- Assessing Officer was unable to bring any evidence indicating that the explanation offered by the assessee was not bonafide or false. It is a difference of opinion between the Assessing Officer and the assessee. The assessee was of the view that since he will receive the receipts for the month of March in April, therefore, he will raise bill in the month of April and account the receipts .....

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e Ld. First Appellate Authority has righty deleted the penalty. - Decided in favour of assessee. - ITA No. 2635/Ahd/2011 - Dated:- 19-6-2015 - N S Saini, AM And Rajpal Yadav, JM For the Appellant : M K Singh, Sr DR For the Respondent : HV Gandhi, AR ORDER Per Rajpal Yadav, Judicial Member The revenue is in appeal before us against the order of Ld. Commissioner of Income Tax (Appeals) dated 29th August, 2011 passed for Assessment Year 2005-06. 2. The solitary grievance of the revenue is that Ld. .....

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oviding security services. He has shown turn-over of ₹ 72,25,257/- in Real Securities and ₹ 1,90,709/- in Real Industries Commandoes. On scrutiny of the accounts, it revealed to the Assessing Officer that there is a discrepancy in the gross receipts shown by the assessee vis-à-vis the gross receipts available in the TDS certificate. He confronted the assessee about this discrepancy. The assessee had contended that the receipts for the month of March are not accounted because h .....

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of accounts of the assessee are not reliable. The assessee has shown a net profit of ₹ 2.15% in the current year which is far below than 8% shown in preceding year. Ld. Assessing Officer has rejected the contentions of the assessee and estimated the profit on the gross receipts. He made an addition of ₹ 4,61,770/- 5. These additions were confirmed up to the Tribunal. Copy of the Tribunal's orders passed in ITA No. 3899/Ahd/2010 has been placed on the record. 6. The ld. Assessing .....

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mputation of income for Assessment Year 2006- 07. With regard to the estimated addition of net profit, it was contended that in Assessment Year 2004-05, the assessee has declared losses but Assessing Officer has estimated the profit at 8%. In Assessment Year 2005-06, it has declared profit at ₹ 2.15% which is enhanced by the Assessing Officer at 8%. Therefore, no penalty as such is imposable. . 7. With the assistance of Ld. Representatives, we have gone through the record carefully. Sectio .....

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f his income or furnished inaccurate particulars of such income. He may direct that such person shall pay by way of penalty. (i) and (Income-tax Officer,)** ** (iii) in the cases referred to in Clause (c) or Clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefit the furnishing of inaccurate particulars of su .....

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terial to the computation of his total income have been disclosed by him, then, the amount added or disallowed in computing the total income or such person as a result thereof shall, for the purposes of Clause (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed." 8. A bare perusal of this section would reveal that for visiting any assessee with the penalty, the Assessing Officer or the Learned CIT(Appeals) during the course of any p .....

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e. The section not only covered the situation in which the assessee has concealed the income or furnished inaccurate particulars, in certain situation, even without there being anything to indicate so, statutory deeming fiction for concealment of income comes into play. This deeming fiction, by way of Explanation I to section 271(1)(c) postulates two situations; (a) first whether in respect of any facts material to the computation of the total income under the provisions of the Act, the assessee .....

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income. Under first situation, the deeming fiction would come to play if the assessee failed to give any explanation with respect to any fact material to the computation of total income or by action of the Assessing Officer or the Learned CIT(Appeals) by giving a categorical finding to the effect that explanation given by the assessee is false. In the second situation, the deeming fiction would come to play by the failure of the assessee to substantiate his explanation in respect of any fact ma .....

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