TaxTMI 
TaxTMI 
2016 (4) TMI 850
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....see has raised substantive ground against order of Commissioner of Income Tax (Appeals) erred in confirming the penalty u/s.271(1) (c) of the Act where the assessee has voluntarily accepted and agreed for addition and paid taxes. 3. The Brief facts of the case that the assessee is a Retailer in Textiles Business. The assessee filed return of income electronically on 06.11.2007 with total income of =25,740/-. Subsequently the return was processed u/s.143(1) of the Act and as per scrutiny norms notice u/s. 143(2) was issued for hearing. There was survey operations u/s.133A of the Act at Business premises on 10.10.2006 and Income Tax authorities found certain discrepancies in book stock and physical stocks and recorded a statement and the a....
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....ing additional income but prime facie, the assessee in order to buy peace and cooperated in the assessment proceedings but the Assessing Officer in penalty proceedings presumed that the assessee has not explained any investment of excess stock and failed to reconcile the deposits in bank account and unilaterally concluded that the assessee has concealed income and filed inaccurate particulars and levied penalty u/s.271(1) (c) of the Act of =60,000/- passed order dated 25.06.2010. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). 4. In the appellate proceedings, the ld. Authorised Representative submitted that the assessee is in the Textile Business and on th....
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....the provisions and concurred with the findings of the Assessing Officer that the income was not offered and included in the return of income but only during survey operations. It was accepted and there is a conscious and deliberate attempt by the assessee to suppress the income. With these findings, the ld. Commissioner of Income Tax (Appeals) confirmed the order of the Assessing Officer. Aggrieved by the order of the Commissioner of Income Tax (Appeals), the assessee has assailed an appeal before the Tribunal. 5. Before us, the ld. Authorised Representative reiterated his submissions made before the assessment proceedings, penalty proceedings and Commissioner of Income Tax (Appeals). The only contention the Revenue emphasizing but for s....
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....the Department and came forward to offer income in survey operations and has not filed an appeal against order of 143 (3) of the Act. The assessee firm is a small time business firm with great difficulty paid admitted tax to substantiate the bonafides and there is no conscious and willful attempt to evade taxes. The contention of the Department that due to survey operations only the assessee has come forward to offer the income, but either before lower authorities or before us, the Department could not substantiate their claim of finding incriminating documents of inventory of stocks except relying on the consent/confession letter of the assessee considered by the Assessing Officer for additions in assessment proceedings. The ld. Authorised....