2009 (3) TMI 610

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....ing the burden under the Explanation which would entitle such a deletion by merely holding that the subsequent admission revised return and the co-operative attitude of the assessee was sufficient to delete the penalty ?"   2. It is not in dispute that the assessee in question-the respondent before us came into existence under a deed of partnership in the year 1986. The assessee was carrying on the business of selling the supply of arrack and the return of income came to be filed on October 5, 1998 for the assessment year 1988-89 declaring a total income of Rs. 87,380. A search came to be conducted between the October 9 and 10, 1988 in the residential premises of one of the partners of the assessee-firm and several incriminating mat....

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.... particulars of his income or furnished inaccurate particulars of such income, or"   Explanation 5 reads as under :   "Where in the course of a search initiated under section 132 before the 1st day of June, 2007, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilising (wholly or in part) his income,-   (a) for any previous year which has ended before the date of the search, but the return of income for such year has not been furnished before the said date or, where such return has been furnished before the said date, such income has not....