2016 (3) TMI 817

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.... 3. Brief facts relating to the case are that return of income was filed on 31/03/2007 declaring total income of Rs. 17,23,442/-. A survey under section 133A was conducted on 10/11/2015, and the assesssee was found to be in possession of unaccounted cash, unrecorded stock and unexplained investment in construction of house property. While recording the statement of the assessee he surrendered following amount for inclusion in his total income:- (i) Unaccounted Cash : Rs/. 46,800/- (ii) Unrecorded stock in trade : Rs. 5,00,590/- (iii) Unexplained investment in : Rs. 10,80,590/- Construction of H.P. : Rs. 16,28,245/-   While computing the total income the assessee reduced the amount of unexplained investment in construction of house property from Rs. 10,80,590/- to Rs. 9,71,090/- by relying upon report of a chartered valuer. 4. During the course of assessment proceedings the investment in the construction of house property was worked out at Rs. 19,21,550/- wherefrom Rs. 4,86,910/- was reduced on account of explained investment and balance amount of Rs. 14,34,640/- was added to the total income of the assessee as against Rs. 9,71,090/- d....

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.... AR pleaded that no inaccurate particulars relating to investment in construction of house property had been furnished by the assessee. In fact the Ld. AR submitted that the assessee had himself surrendered an amount of Rs. 10,80,590/- during the course of survey on account of unexplained investment in house property but later on when it had got the cost of construction in house property valued by a registered valuer he found that the investment in the construction of house property amounted to only Rs. 9,71,090/- and accordingly reduced the undisclosed investment in house property. Ld.AR stated that there was no furnishing of inaccurate particulars of income in this case since the investment in construction of house property had been disclosed relying upon the report of the registered valuer while the addition had been upheld merely on the basis of surrender made during the course of survey without appreciating the report of the registered valuer in this context. The Ld. AR stated that at the time of making surrender the assessee had merely estimated the cost of construction in the house property. Ld. AR drew our attention to the statement recorded of the assessee during the co....

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....ng the cost of construction in the impugned property who worked out a total investment in the property at Rs. 14,58,000/-. Relying upon the same the undisclosed investment in house property was shown in the return of income filed by the assessee to be Rs. 9,71,090/-. The reduction in value of investment was not accepted by the assessing authority and the appellate authority who held that the investment in the construction of the house property was to be taken at the amount disclosed by the assessee and surrendered during the course of survey and accordingly addition of Rs. 1,09,500/- was confirmed, to the income of the assessee. Penalty u/s 271(1)(c)has been levied on this amount. In the back drop of the facts stated above, it has to be examined whether the assessees case falls within the parameters set out under section 271(1)(c) for the levy of penalty. Undisputedly penalty under section 271(1)(c) is levied for concealing particulars of income or furnishing inaccurate particulars of income. In the present case as per the penalty order, the penalty has been levied for furnishing inaccurate particulars of income. It has now to be examined whether the assessee has infact furnishe....

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....¥à¤°à¤¶à¥à¤¨ 3- आपके दुबे कालोनी स्थित मकान जो आपके निवास के अलावा नया बना है, उसमे आप कितना रुपया निवेश कर चुके हैं ? बताये उत्तर- श्रीमान, दिनांक 31/03/2005 तक इस नए मकान के निर्माण मे. रु. 186910 का निवेश हो चुका था । इसके बाद चालू वर्ष में रु. 3 लाख का निवेश à¤....

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....¤•à¤¿ रू 3 लाख का निवेश आपके खाते बही के अनुसार है ? उत्तर- श्रीमान, चालू वर्ष के एवं पिछले वर्ष के खाते बही हमारे मुनीम के पास है किन्तु भय के कारण वह इनके बारे मे अपनी अनभिज्ञता प्रकट कर गया था। अतः अगले 2 3 दिन में ही मैं ये सभी श्रीमान जी....