2013 (11) TMI 831

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....the assessing officer found that it was concealed income of the assessee and therefore levied penalty u/s 158BFA(2) of the Act. The assessing officer mainly made addition on the ground that the assessee has admitted that it is undisclosed income. According to the ld. representative, the assessee never admitted that it is undisclosed income. What was admitted before the assessing officer was that it was the income of the assessee. Therefore, it has to be assessed under regular assessment and not under the block assessment. The ld. representative submitted that a similar argument was advanced before this Tribunal when the quantum appeal was heard by the bench. However, this Tribunal also has not accepted the submissions of the ld. representat....

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....ccording to the ld. representative, the amount receivable was recorded which is available at page 14 of the paper book. When it was pointed out to the ld. representative that the copies of the seized material is available at page 14 of the paper book which discloses the amount shown as receivables, the ld. representative clarified that if the transaction or income is recorded in the books of account regularly maintained in the course of business or any other document, then it has to be excluded from the computation of undisclosed income. The copies of the seized document which is available at page 14 is a document maintained in the regular course of business. Therefore, it has to be treated as the amount receivable or recorded in the docume....

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....According to the ld. representative, the assessee has not objected to treat this amount as undisclosed income in the assessment proceedings. Even in the second appellate proceedings before this Tribunal, the Tribunal has observed that the assessee has not objected to treat the amount as undisclosed income. Once the assessee has not objected to treat this amount as undisclosed income, according to the ld. DR, the assessing officer has rightly levied penalty. 5. We have considered rival submissions on either side and also perused the material available on record. The assessee claims that gold jewellery was sold on credit to the friends and relatives and the amount receivable were recorded as receivables. It is an admitted fact that jewelle....