2018 (4) TMI 179

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....R. ORDER This appeal by assessee has been directed against the order of the Ld. CIT(A)-20, New Delhi, dated 23rd June, 2017, for the A.Y. 2011-2012, challenging the levy of penalty under section 271(1)(c) of the I.T. Act, 1961. 2. The assessee filed return of income declaring income at Rs. 21,38,807 on 29th September, 2011. The A.O. passed the assessment order us 13(3) dated 16th January,....

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....e return of income. 3. The Learned Counsel for the Assessee referred to page-1 of the paper book which is show cause notice before levy of penalty dated16th January, 2014, in which the A.O. has asked for explanation of assessee by mentioning "have concealed the particulars of your income or furnished inaccurate particulars of such income". Learned Counsel for the Assessee, therefore, submitted ....

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....e proceedings were being initiated for the reason of concealment of particulars of income or on account of furnishing of inaccurate particulars thereof. Even the satisfaction note made in the assessment order or the penalty order also does not indicate whether it was a case of concealment of income or furnishing of inaccurate particulars of income. Therefore, laying our hands on the decisions of G....

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....sessee surrendered the amount of Rs. 6,33,000 on account of professional receipt which were not shown in the original return of income. The assessee has filed revised Profit & Loss A/c and balance sheet. Therefore, mere surrender is not enough. 5. I have considered the rival submissions and perused the material on record. The A.O. while making addition of Rs. 6,33,000 on account of surrender of....