TaxTMI 
TaxTMI 
2019 (7) TMI 435
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.... the notice issued by the registry through RPAD was returned by the postal authorities with the remarks "No such person". The assessee has also not taken any steps to intimate the changed address, if any. Therefore, this appeal is being disposed off on the basis of material available on record and after hearing the Ld. DR. 4. Facts of the case, in brief, are that the assessee is an individual and filed his return of income on 18.08.2011 declaring taxable income of Rs. 3,34,10/-. The assessment u/s. 143 (3) was completed on 10.02.2014 determining the total income at Rs. 18,05,090/- wherein the Assessing Officer made addition of Rs. 14,54,230/- on account of profit @ 8 % on the entire amount of Rs. 2,23,53,003/- deposited in the bank accoun....
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....edings as well as penalty proceedings. In the case of MAK Data P. Ltd. Vs. CIT-II, Hon'ble Supreme Court, while explaining the penal provisions u/s.271(l)(c) of the Act, has opined that 'the Explanation- 1 to section 271(l)(c) raises a presumption of concealment, when a difference is noticed by AO, between reported and assessed income. The burden is then on the assessee to show otherwise, by cogent and reliable evidence. When the initial onus placed by the explanation, has been discharged by him, the onus shifts on the revenue to show that the amount in question constituted the income and not the otherwise. Here in the case of appellant, he has failed to discharge his onus by not complying the notices during penalty proceedings or b....
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....ys Ltd. 117 CTR 378 has held that 'the offence of concealment is a direct attempt to hide an item of income or a portion thereof from the knowledge of the income tax authorities. In furnishing its return of income, an assessee is required to furnish particulars and accounts on which such returned income has been arrived at. These may be particulars as per its books of account if it has maintained them, or any other basis on which it has arrived at the returned figure of income. Any inaccuracy made in such books of account or otherwise which results in keeping off or hiding a portion of its income is punishable as furnishing inaccurate particulars of income'. In the case of appellant, he has deliberately hidden the part of his inco....
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....that in the instant case, revision of computation of income by appellant was not bonafide and voluntarily. When he was cornered by AO with the facts and material collected by him, he revised the computation of income. In such situation, levy of penalty by AO has to be held justifiable. 5.3 In view of these facts, it is established that the appellant has willfully and deliberately concealed his Income which attracts the penal provisions u/s. 27l(l)(c) of the Act. In such situation, the levy of penalty of Rs. 3,88,549/- by AO is justified. I, therefore, confirm the penalty levied by AO and dismiss the grounds taken by appellant. 6. Aggrieved with such order of the CIT(A), the assessee is in appeal before the Tribunal. 7. I have perused th....