2025 (4) TMI 1967

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....g out from the orders of authorities below are that the assessee is an individual deriving income from proprietary concern under the name and style of V.V.Enterprises. The assessee has filed its return of income on 24th October, 2009 in response to notice u/s.153A of the Act declaring total income of Rs. 96,000. During the course of assessment proceedings, the Assessing Officer observed that the assessee has purchased some land at Mahe for establishing a petrol pump. The AO observed that in search premises of the assessee a document was found which shows that the land value was Rs. 5,96,00,000. Thereafter the AO quantifying the share of the assessee amounting to Rs. 1,49,00,000 framed the assessment. The AO simultaneously initiated penalty ....

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....RY.. Where as in the course of proceedings before me for the assessment year 2006-07 it appears to me that you:- have without reasonable cause failed to furnish me return of income which you were required to furnish by a notice given under section 22(1)/22(2)/34 of the Indian Income Tax Act, 1922 or which you were required to furnish under section 139(1) or by a notice given under section 139(2)/148 of the Income tax Act 1961, No......dated have without reasonable cause failed to furnish it within the time allowed and the manner required by the said section 139(1) or by such notice. *have without reasonable cause failed to comply with a notice under section 22(4)/23(2) of the Indian Income Tax Act, 1922 or under s....