Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The ITAT upheld the reopening of assessment u/s 147 as the assessee had not disclosed a savings bank account with cash deposits of Rs. 13,20,535, providing prima facie reason. 25% of the cash deposits were treated as the assessee's income in absence of evidence for source. The CIT(A)'s estimation of 8% profit on turnover was upheld as the assessee did not disclose all credit entries. Penalty u/s 271B for failure to get accounts audited was upheld as the assessee could not establish reasonable cause, having shown lower turnover to avoid audit.
The ITAT upheld the reopening of assessment u/s 147 as the assessee had not disclosed a savings bank account with cash deposits of Rs. 13,20,535, providing prima facie reason. 25% of the cash deposits were treated as the assessee's income in absence of evidence for source. The CIT(A)'s estimation of 8% profit on turnover was upheld as the assessee did not disclose all credit entries. Penalty u/s 271B for failure to get accounts audited was upheld as the assessee could not establish reasonable cause, having shown lower turnover to avoid audit.
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