TaxTMI 
TaxTMI 
2016 (6) TMI 1436
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....loper. Assessee filed its return of income for AY 2011-12 on 28/09/2011 declaring total income of Rs. 40,98,847/-. The case was selected for scrutiny and thereafter assessment was framed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act) by the Assessing Officer vide order dated 27/03/2014 and the total income was determined at Rs. 58,80,780/- inter alia, by making addition of Rs. 17,81,931/- to the capital gain of Rs. 48,88,267/- that was shown by assessee. On the aforesaid addition of Rs. 17,81,931/- made to the capital gains AO's vide order dated 22/09/2014 levied penalty of Rs. 5,50,616/- u/s.271(1)(c) on account of concealment of income. Aggrieved by the order of AO, assessee carried the matter before ld. CIT(....
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....ion index for F.Y. 2007- 08, being the year of transfer of capital asset to stock-in-trade. Due to the error on the part of assessee, there was an excess claim of indexed cost to the extent of Rs. 2,09.249/- which was disallowed by AO. The other portion of addition was with respect to Rs. 15,72,682/- and in that connection, he submitted that assessee had sold shops and flats to Hitendra Manilal HUF, the family member. For the purpose of sale, Assessee had charged only the amount attributable to the cost of construction and no value for land was recovered. AO was of the view that assessee should have also recovered the cost of land. He accordingly adopted the fair market value of land @Rs. 8,000/- per sq.mt. and proceeded to make addition of....
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....the person fails to offer the explanation, or (ii) he offers the explanation which is found by the AO or the ld. CIT(A) or the ld. CIT to be false, or (iii) the person offers explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him. If the case of any assessee falls in any of these three categories, then according to the deeming provision provided in Explanation 1 to Section 271(1)(c) the amount added or disallowed in computing the total income shall be considered as the income in respect of which particulars have been concealed, for the purposes of clause (c) of Section 271(1), and the penalty follows. On the other hand, if ....