9911796707
TMI Blog1980 (2) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... made as assessee's undisclosed income. The IAC has held that the cash pronotes and investments found in the names of the assessee's relatives in fact belonged to the assessee and he has not disclosed the source of the same. The assessee has concealed the particulars of income and is therefore liable for penalty. Accordingly he imposed a minimum penalty of Rs. 1,08,550. Against the same the present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the assessment. But that does not automatically lead to the conclusion that penalty is leviable. This is a case where the assessee's explanation has been rejected. The books of account of the assessee have not been accepted. It is well settled that in the penalty proceedings, it is for the Department to prove that the assessee has concealed the income or furnished inaccurate particulars of inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty under the provisions of s. 271(1)(c). The above ratio squarely covers the instant case. In the instant case except the falsity of explanation relating to the addition of income in the assessment proceedings the Department has not brought any material on record in the penalty proceedings to prove that the assessee has concealed the income or furnished inaccurate particulars of the income s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Others and the ration of the Supreme Court in the case of Anwar Ali (76 ITR 696) and that of CIT vs. Khoday Eswarasa Sons (83 ITR 369) squarely apply to the facts of the instant case. Applying the ratio laid down in the above cases we hold that the Department has not discharged the onus of proving that the assessee has concealed the income or furnished inaccurate particulars of income so as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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