9911796707
TMI Blog2019 (11) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... his return of income for A.Y. 2011-12 on 18.10.2011 declaring total income of Rs. 21,65,565/-. The case was initially processed u/s 143(1) of the Act and thereafter, the case was re-opened after issuing notice u/s 148 of the Act which was also served on the assessee. Thereafter, the case was taken up for scrutiny and subsequently assessment was framed u/s 143(3) r.w.s. 147 of the Act vide order dt.11.09.2015 and the total income was determined at Rs. 30,05,925/- inter-alia by making addition of Rs. 8,24,455/- on account of long term capital gains. On the aforesaid addition of long term capital gains, AO vide penalty order dated 08.03.2016 passed u/s 271(1)(c) of the Act levied penalty of Rs. 1,05,942/- for concealing the income. Aggrieved b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, assessee had revised the return of income and offered the long term capital gains to tax. He was of the view that had the case not been re-opened, the amount of long term capital gains would have escaped assessment and thus there was concealment of income. On the amount of capital gains brought to tax, he levied penalty of Rs. 1,05,942/- u/s 271(1)(c) of the Act. Aggrieved by the penalty order of AO, assessee carried the matter before Ld.CIT(A) who dismissed the appeal of the assessee. Aggrieved by the order of Ld.CIT(A), assessee is now in appeal before us. 5. Before us, Ld.A.R. reiterated the submissions made before AO and Ld.CIT(A) and further submitted that assessee was under bonafide belief that the profits on sale of shares we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fide and that all the facts relating to the same have been disclosed by him. If the case of any assessee falls in any of these three categories, then according to the deeming provision provided in Explanation-1 to Section 271(1)(c) the amount added or disallowed in computing the total income shall be considered as the income in respect of which particulars have been concealed, for the purposes of clause (c) of Section 271(1), and the penalty follows. On the other hand, if the assessee is able to offer an explanation, which is not found by the authorities to be false, and assessee has been able to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him, then in that case penalty shall n ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
