2019 (7) TMI 1511

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....08/09/2017 arising in the matter of assessment orders passed under s. 271(1)(c) of the Income Tax Act, 1961 (here-in-after referred to as "the Act") relevant to the above Assessment Years (AYs). Since common issues are involved in all the appeals filed by the different assessee, therefore, these appeals were heard together and are being disposed of by way of this common order for the sake of convenience and brevity. First, we take up the assessee's appeal in ITA No. 04/Ahd/2018 for AY 2008- 09 as the lead case. The assessee has raised the following common ground of appeal: 1. The learned CIT(A) has erred in law and on facts in upholding penalty of Rs. 1,54,070/- levied u/s271(1)(c) without properly appreciating the facts of t....

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....ings framed under section 143(3) r.w.s. 153A(1)(b) of the Act vide order dated 25-2-2015. 2.1 Subsequently, the AO initiated the penalty proceedings on the difference of the income of Rs. 5,56,110.00 disclosed in the income tax return filed under section 139(1) and declared in return filed under section 153A of the Act by issuing a notice under section 274/271(1)(c) of the Act to the assessee on account of concealment of income vide dated 25-02-2015. The assessee in response to the notice submitted as under: 1) He has disclosed the income in return filed u/s 153A of the Act voluntarily. 2) As per provision of section 271(1)(c) r.w.s. 153A of the Act for imposing of penalty, the return filed u/s 139 of the Act, has not t....

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....llant. It was a clear case of concealment of income by furnishing partly inaccurate particulars of income and also by not furnishing particulars of income. Therefore, after having regard to the facts and circumstances of the case, in my considered opinion, the action of the AO does not warrant any interference. Accordingly, the ground of appeal is dismissed. Being aggrieved by the order of the Ld. CIT (A) the assessee is in appeal before us. 4. The Ld. AR before us submitted that there was no documentary evidence found during the search qua the undisclosed income declared by the assessee in the return of income filed in response to the notice under section 153A of the Act. Therefore there cannot be any penalty under section 271(1)(c) ....

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.... the course of a search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of- (i) any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilising (wholly or in part) his income for any previous year; or (ii) any income based on any entry in any books of account or other documents or transactions and he claims that such entry in the books of account or other documents or transactions represents his income (wholly or in part) for any previous year, which has ended before the date of search and,- (a) where the return of income ....

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....it was held as under: "The assessee disclosed an additional income on account of unaccounted sales. Based on said disclosures, the Assessing Officer imposed penalty under section 271(1)(c) by invoking Explanation 5A to said section. Held that it was undisputed fact that during the course of search, no incriminating documents were found and seized. The assessee surrendered the additional income under section 132(4) at Rs. 15 lacs and requested not to impose penalty under section 271(1)(c). The Assessing Officer imposed the penalty by invoking the Explanation 5A to section 271(1)(c). For imposing the penalty under Explanation 5A on the basis of statement recorded during the course of search, it is necessary to be found incri....