2021 (10) TMI 1152

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....following grounds of appeal: 1. On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the penalty levied u/s 271(1)(c) of the I.T. Act of Rs. 62,54,166/-, without appreciating the fact that the assessee disclosed unaccounted income of Rs. 2.02 crores during the survey action u/s 133A of the Act, conducted on the assessee. 2. On the facts and circumstances of the case, the Ld. CIT(A) failed to appreciate the fact that the disclosed unaccounted income was never part of books of accounts of the assessee and had there been no survey action on the assessee, the income of Rs. 2.02 crores would have escaped assessment. Therefore, the income declared in the return filed after the date of survey, cannot b....

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....itting receipt of on-money of Rs. 2,02,40,024/-. The income admitted during the course of survey operation was declared in the return of income filed on 29.03.2014, which is belated return. The AO formed an opinion that but for the survey operation the receipt of on-money of Rs. 2,02,40,024/- would not have been disclosed in the return, accordingly, initiated penalty proceedings u/s 271(1)(c) of the Act for concealment of income. Accordingly, a show cause notice u/s 274 r.w.s. 271(1)(c) of the Act was issued on 21.03.2016, in response to which, it was explained that no penalty is leviable as there is no variation between the returned income and assessed income. However, the AO rejecting the above explanation held that the respondent assesse....