2013 (12) TMI 1362

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....the assessee is out of station. However, finding that the matter can be proceeded with as such, the application for adjournment was rejected and the matter is being proceeded with on hearing the Ld. DR. 3. The facts are that the assessee, in the status of individual, filed a return of income for assessment year 2001-02 on 30.10.2001 declaring a loss of Rs. 6,62,415/-. The assessment u/s 143 (3) was completed on 09.03.2004 determining the total income at Rs. 67,87,196/-. Consequent to the order dated 17.02.2006 of the Tribunal in ITA No.2062/Del/2005, reassessment u/s 143 (3) r.w.s. 254 was passed on 07.12.2006 determining the total income at Rs. 17,14,193/-. On reassessment on 07.12.2006, the Assessing Officer passed a penalty order u/s ....

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....ad consciously concealed his income from long term and short term capital gains. Further the assessee in his reply furnished in response notice to u/s 271 (1)(c) has not furnished any evidence to support his contention that the omission to declare the capital gains in his original return of income was inadvertent. No such evidence has been furnished by him even during the course of assessment proceedings. Therefore, the explanation furnished by the assessee cannot be accepted to be bona fide. In contrast the Assessing Officer has clearly brought it on record that the assessee had consciously not declared his income from Capital gains during the year under consideration. Therefore, the assessee is clearly hit by the provisions of Section ....

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.... sheet entry dated 25.02.2004 too, the Assessing Officer mentioned that the revised computation was filed on 20.02.2004. In these facts, the Ld. CIT (A) is correct in observing that since no show cause notice was issued before 20.02.2004, the revised computation filed by the assessee on the said date cannot be said to declare additional income of the assessee after detection of concealment by the department. Also, the income determined finally vide order dated 07.12.2006, passed u/s 143 (3) read with Section 254 of the Act, is, as observed by the Ld. CIT (A), as much as that shown in the revised computation filed by the assessee on 20.02.2004 and, there is no addition to the income shown in the said revised computation of income of the asse....