TaxTMI 
TaxTMI 
2014 (4) TMI 1340
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.... appeal on the following grounds. 1. The learned CIT(A)-II, Pune erred in law and on facts in confirming the penalty of Rs. 96,692/- u/s. 271(1)(c). 2. The learned CIT(A)-II, Pune erred in law and on facts in confirming the order of the learned assessing officer of levying concealment penalty without appreciating the fact that all the necessary particulars were disclosed by the appellant. 3. The appellant craves leave to addition / modify / alter / delete all / any of the grounds of appeal 3. The assessee is an individual who have not filed return of income for four assessment years from 2002-03 to 2005-06. The Assessing Officer received specific information from the investigation wing, Pune, based on which, no....
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....reassessment u/s 147 based on which the notice u/s 148 was issued and, therefore, in the absence of any such reason it was incorrect to observe that the assessee had concealed the particulars of income. The assessee had emphasized about the dispute with the lessee M/s Cottage Industries Exposition Ltd, J & K India (referred as CIEL) whereby there was threat of losing the entire premises on account of a permanent tenancy basis and the alternative possibility of heavy compensation. It was also stated on behalf of assessee that as the matter was sub-judice the exact character was unknown in all these years. The assessee has also tried to demonstrate its bonafide by stating that on receipt of notice u/s 148 the assessee discharged the duty of p....
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....s on behalf of assessee that the assessee had taken a deposit of Rs. 1,40,000/- initially and a monthly charges initially fixed at Rs. 35,000/- p.m. for a period of three years. The agreement also outlines at the clauses of various services provided by the assessee and the renewal of the monthly charges at the end of every three years of extended period. As is evident from the agreement, the assessees allowed the lessee / the CIEL to share the space along with him. The assessees thus were in receipt of the monthly rent since 1992. The assessee was engaged in the business activity since 1980 and, therefore, to take the plea of ignorance and of default being innocent was not found correct by CIT(A). The assessee has not brought the entire fac....
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..... The facts and material brought on record do not show any efforts of the assessee in disclosing the transactions since the year 1992 when it had entered into the agreement with CIEL and any financial year. Thereafter, the assessee has been enjoying the benefits of the receipt without disclosing them to the department. The assessee has concealed the particulars of the income and in the giving fact it was a conscious concealment on his part. The assessee consciously disregarded the statutory obligation and deliberately defianced the law. The assessee suppressed the receipt of monthly rent since 1992 and has not filed any return of income except after issuance of notice u/s. 148. The assessee has not been able to substantiate the plea of igno....