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TMI Blog2019 (6) TMI 1053X X X X Extracts X X X X X X X X Extracts X X X X ..... essment order are that return of income for the Asstt.Year 1994-95 became due on 30.11.1994, but no return was filed by the assessee. The AO has issued notice under section 142(1) requesting the assessee to file return of income on or before 27.12.1995. However, according to the AO no return was filed by the assessee, thereafter other notices were issued, but the assessee failed to comply. It has filed return of income for the Asstt.Year 1994-95 on 12.2.1997 showing total income at Rs. 1,74,420/-. But according to the AO this return was filed after 31.3.1996 and beyond statutory limit. It was treated to be invalid. He issued notice under section 142(1) and ultimately passed an assessment order under section 144 according to his best judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; ** &nb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enefit the furnishing of inaccurate particulars of such income or fringe benefits: Explanation 1- Where in respect of any facts material to the computation of the total income of any person under this Act, (A) Such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the CIT to be false, or (B) such person offers an explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same and material 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he computation of total income under the provisions of the Act, the assessee is not able to substantiate the explanation and the assessee fails, to prove that such explanation is bona fide and that the assessee had disclosed all the facts relating to the same and material to the computation of the total 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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