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2018 (8) TMI 727

ate on the turn over disclosed by the appellant - application of explanation 1A to Section 271(1)(c) - Held that:- The AO while finalising the assessment under Section 143(3) of the Act did not believe the story set up by the assessee for loss of books of account and invoked the provisions of Section 145(3) of the Act. - CIT(A) also specifically rejected the contention of the assessee for loss of books of account and hold that it was a cooked up story of the assessee and did not find any merit in the appeal. - The assessee could not furnish any explanation except setting up a cooked up story for loss of the books of account. It was admitted case that the books of account were maintained in the computer. The assessee did not even fu .....

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nd circumstances of the case, the Tribunal was right in upholding the penalty under Section 271(1) ignoring the fact that the assessment was completed on the estimate? (iv)Whether under the facts and circumstances of the case, the Tribunal was correct in law, while upholding the penalty imposed by misinterpreting the ratio of various Hon'ble Courts? (v)Whether under the facts and circumstances of the case, the Tribunal was justified in holding that explanation 1A to Section 271(1)(c) of the Act is applicable in the case of the appellant ignoring the fact that the appellant had filed reply to the show cause notice under Section 271(1)(c) of the Act? 3. The assessee is partnership firm which has been carrying on work of civil construction .....

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ount having been lost and invoked the provisions of Section 145(3) of the Act and completed the assessment by applying net profit rate of 8% on total contact receipt. The assessment was completed at total income of ₹ 14,92,250/- in the status of firm. 6. Against the aforesaid order of the AO, the assessee filed an appeal before the CIT(A). The learned CIT(A) vide his order dated 27.03.2006 confirmed the application of profit rate of 8% and did not believe the story set up by the assessee for loss of books of account. The CIT(A) specifically observed that the story was a cooked up story. 7. The AO thereafter, initiated penalty proceedings under Section 271(1)(c) of the Act. After considering the reply of the assessee to the notice, the .....

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ng the books of account, bills, vouchers etc., despite several opportunities given to the assessee. It was not the case that the assessee did not have the books of account inasmuch as the same were prepared in the computer but the assessee deliberately did not produce the same and failed to file appropriate explanation with regard to concealment of particulars of income. 10. The Tribunal has also held that non production of books of account amounts to concealment of particulars of income. The Tribunal, therefore, vide impugned judgment and order has set aside the order passed by the CIT(A) on 02.11.2007 and allowed the appeal of the Department and restored the order of the AO imposing penalty of ₹ 4,44,723/-. 11. Heard Mr. Shakeel Ahm .....

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