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TMI Blog2017 (3) TMI 1959X X X X Extracts X X X X X X X X Extracts X X X X ..... That the appellant has concealed its income by not filing the return of income and ignorance of law cannot be taken as a plea to escape from tax liability. 2. That the provisions of section 271(1)(c) were invited by the assessee at the inception itself by not filing the return of income within the due date. 3. That penalty was levied not only on the addition made in the assessment but also on the income declared by the assessee in its return of income. 4. That even in the return of income filed in response to notice under section 153A of the I.T.Act, 1961, the appellant firm did not disclose the income in respect of cash transaction found during the course of the search. 5. That the WIP was underestimated and various cash expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07-08. The assessee declared an amount of Rs.78,85,400/- during the course of survey action out of which Rs.12.5 lakhs was offered as cash introduction for A.Y.2006-07 and balance of Rs.66,35,400/- was to be offered for A.Y.2007-08. A search and seizure operation was carried out u/s.132 of the Act in Hicons and Pranay Group of cases on 24.02.2009 including the assessee and the case of the assessee firm was centralized. In response to the notice u/s.153A of the Act dated 04.01.2010, the assessee filed the return of income on 08.02.2010 declaring total income to the tune of Rs.54,42,961/-. In response to the notice u/s.153A of the Act, the WIP of the two projects of the assessee firm namely 'Las-Fonte' and 'Las-Marque' were shown at Rs.14,72, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 return of income was filed by the assessee on 08.02.2010 declaring total income to the tune of Rs.54,42,961/-. 5. Thereafter, the notice u/s.153A of the Act was issued and the WIP of the two projects of the assessee firm namely 'Las-Fonte' and 'Las-Marque' were determined at Rs.14,72,68,990/- and Rs.10,08,96,264/- respectively. The income was assessed to the tune of Rs.54,42,961/-. Since the assessee filed the return of income of the A.Y.2007-08 after the search and seizure action specifically in view of the notice u/s.153A of the Act. Therefore, the revenue was of the view that the assessee concealed the particulars of income of Rs.54,42,961/-and levied the penalty to the tune of Rs.23,88,666/-. At the time of hearing the revenue filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome within the due date. 3. That penalty was levied not only on addition made in the assessment but also on the income declared by the assessee in its return of income. 4. That even in the return of income filed in response to notice under section 153A of the I.T.Act, 1961, the appellant firm did not disclose the income in respect of cash transactions found during the course of the search. 5. That the WIP was underestimated and various cash expenses have not been included in the WIP. 6. Holding that since the income tax return is filed after the search, the appellant has concealed the particulars of income or furnished in accurate particulars of income which will rank for imposition of penalty under section 271(1) of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the search action the Assessing Officer assessed the WIP of 'Las-Fonte' and 'Las-Marque' at Rs.27,41,78,220/- and Rs.18,54,01,263/- respectively. While making these additions to the WIP, the Assessing Officer initiated the penalty proceeding u/s.271(1)(c) of the Act. The Assessing Officer also initiated penalty proceedings u/s.271(1)(c) of the Act that assessee had filed return declaring income of Rs.20,85,540/- for A.Y.2008-09 after due date and that too after search action. Show cause notice dated 12.05.2011 was issued and after receipt of reply penalty to the tune of Rs.12,68,986/- was levied. Feeling aggrieved the assessee filed the appeal before the CIT(A) who confirmed the penalty, therefore the assessee has filed the present appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letter dated 03.01.2017 in which it is specifically explained that the assessee did not file the appeal against the quantum before the CIT(A) and the Hon'ble Income Tax Appellate Tribunal available on record. This letter has not been controverted by the representative of the assessee being ex-partee meaning thereby the facts of non furnishing the return u/s.139(1) of the Act was admitted and it is not in dispute that the assessee filed the return of income after service of the notice u/s.153A of the Act. 12. Since the quantum has not been challenged by the assessee and the factual position on record is not in dispute, therefore, in the said circumstances we are of the view that the CIT(A) has passed the order dated 17.02.2014 judiciously a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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