TaxTMI 
TaxTMI 
2015 (11) TMI 569
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..... 30,987/-, Rs. 65,640/-, Rs. 80,863/-, Rs. 67,320 and Rs. 1,00,980 in the Asstt.Years 2001-02 to 2007-08 respectively. 3. The learned counsel for the assessee has filed an application for adjournment. However, after going through the adjournment application as well as case record, we do not see any reason to adjourn the hearing. 4. With the assistance of the ld. DR, we have gone through the record carefully and proceed to dispose of the appeals ex parte qua the assessee. 5. The facts on all vital points are common in all the years. Therefore, for the facility of reference, we take up the matter mainly from the Asstt.Year 2001-02. 6. Brief facts of the case are that a search action under section 132(1)of the Income Tax Act, 1961....
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.... agriculture income. According to the AO, the assessee failed to produce any evidence demonstrating the agricultural operation carried out by it in the land. 7. The ld.AO has initiated penalty under section 271(1)(c) of the I.T.Act. 8. The assessee has contended that it has agricultural land approximately admeasuring 170 acres. It has produced copies of Form No.7/12. It indicated that the assessee could have generated this much agricultural income, therefore, no penalty be imposed upon it. The ld.AO without recording a specific finding whether the assessee has concealed the income or furnished inaccurate particulars of income, proceed to impose penalty under section 271(1)(c) simply under the vague term that the assessee has committed....
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.... returns, comply with notices, concealment of income, etc.- (1) The Assessing Officer or the Commissioner (Appeals) or the CIT in the of course of any proceedings under this Act, is satisfied that any person (a) and (b) ** ** ** (c) has concealed the particulars of his income or furnished inaccurate particulars of such income. He may direct that such person shall pay by way of penalty. (i)and (Income-tax Officer,)** ** ** (iii) in the cases referred to in Clause (c) or Clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefit the furnishing of ....
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....sions regarding concealment of income. The section not only covered the situation in which the assessee has concealed the income or furnished inaccurate particulars, in certain situation, even without there being anything to indicate so, statutory deeming fiction for concealment of income comes into play. This deeming fiction, by way of Explanation-1 to section 271(1)(c) postulates two situations; (a) first whether in respect of any facts material to the computation of the total income under the provisions of the Act, the assessee fails to offer an explanation or the explanation offered by the assessee is found to be false by the Assessing Officer or Learned CIT(Appeal); and, (b) where in respect of any fact, material to the computation of ....
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....at in the land revenue record maintained by the State Government, it has been shown as owner in possession of land admeasuring 3,92,714 sq.meters, which is roughly 170 acres. In the column of cultivator, name of the assessee-company has been recorded. The assessee has produced land record from the revenue authorities of the State Government. It failed to substantiate its explanation about the agricultural income. It is the owner of the agriculture land. It has been shown as cultivator in the revenue record. Thus, its claim was not false. The AO has nowhere recorded any finding that the assessee has furnished any inaccurate particulars of its income. The only area of dispute between the AO and the assessee is that the assessee failed to subs....