2018 (7) TMI 2298

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....case, in brief, are that the assessee is an individual and filed her return of income on 12.09.2009 declaring total income of Rs.40,27,956/-. The Assessing Officer reopened the assessment u/s 147 on the ground that there was difference of receipts as per Form No.26AS and Income-tax Return. In response to notice u/s 148, the assessee filed the return of income on 15.04.2016. During the course of assessment proceedings, it was submitted that since the assessee could not obtain the copy of bank statement, therefore, the assessee surrendered an amount of Rs.2,47,395/- as income of the assessee on account of undisclosed income. The Assessing Officer accordingly completed the assessment u/s 147/143(3) on a total income of Rs.42,75,350/-. Since th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing the particulars, penalty u/s 271(1)(c) cannot be levied. He accordingly submitted that the order of the ld. CIT(A) be set-aside and the penalty levied by the Assessing Officer by cancelled. 7. Ld. DR on the other hand strongly supported the order of the ld. CIT(A). He submitted that by not declaring the correct short term capital gain, the assessee has concealed its particulars and furnished inaccurate particulars. Therefore, ld. CIT(A) was fully justified in sustaining the penalty levied by the Assessing Officer u/s 271(1)(c) of the I.T. Act. 8. I have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the ld. CIT(A) and the Paper Book filed on behalf of the assessee. I have also co....