TaxTMI 
TaxTMI 
2022 (3) TMI 569
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....ue has proposed the following questions of law for the consideration of this Court:- (a) Whether in the facts and circumstances of the case, the Hon'ble ITAT has erred in law and on facts in deleting the penalty of Rs. 3,39,78,900/- levied under section 271(1)(c) of the Income Tax Act, 1961? (b) Whether in the facts and circumstances of the case, Hon'ble ITAT has erred in law and on facts in upholding the CIT(A)'s decision of deleting the penalty u/s. 271(1)(c) without verifying the true nature of disclosure made by the assessee? (c) Whether in the facts and circumstances of the case, Hon'ble ITAT has erred in law and on facts in upholding the CIT(A)'s decision of deleting the penalty u/s. 271(1)(c) when no direct ....
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....computing the total income of such person as a result thereof shall, for the purpose of clause (c) of this sub-section, be deemed to represent the income in respect of which particulars have been concealed. 7.2 Now in view of the above discussion, we proceed to adjudicate the issue on hand in the given facts and circumstances. We find that when the survey proceeding dated 25.03.2014 was conducted at the assessee premises the financial year was not ended and also there was plenty of time for filing the return of income under the provision of section 139(1) of the Act. Subsequently, the assessee incorporated the amount of income which was admitted during survey in the computation of income. Further the AO also accepted the returned income w....
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....on account of the material collected by the revenue during survey operation carried out in case of assessee's sister concern. In our case, the assessee had neither made additional disclosure nor revised the return after filing the return within the time provided under the Statute. 12. The decision of this Court in case of Deepak Construction Co. (Supra) also was rendered in different fact situation. It was a case where for the Assessment Year 1983-84, the assessee had filed the return of income which was taken in scrutiny. During the scrutiny assessment, the Assessing Officer issued a show cause notice confronting the assessee with certain squared up cash credits. Upon receipt of the notice, the assessee filed a revised return offerin....