9911796707
TMI Blog2008 (11) TMI 303X X X X Extracts X X X X X X X X Extracts X X X X ..... er s. 271(1)(c) of the Act. 3. The brief facts of the case are that the assessee is engaged in the business of quarrying and trading in granites as well as deals in real estate. A search was conducted in the assessee's case on 21st April, 1995. The scrutiny assessment was completed on 30th March, 1999. Subsequent to the search and seizure operation, a sworn statement of one Shri P. Nagaraj an, main partner of the assessee firm was recorded on 29th May, 1995 in which he voluntarily disclosed an income of Rs. 25,86,000 on behalf of the assessee firm on account of on-money received in real estate business. In search operation, it was revealed that the assessee firm had undertaken two construction projects, namely, Gem Plaza and Gem Wellington ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at no on-money was paid to the assessee. Thus, he has contended that even otherwise, when the addition was confirmed by this Tribunal, onus is on the Department to prove that the non-disclosure of the said income was deliberate and intentional on the part of the assessee. He therefore, submitted that in the facts and circumstances of the case, the penalty is not attracted. 5. On the other hand, the learned Departmental Representative has contended that the addition of undisclosed income is based on the seized material and since the assessee has not disclosed this income subsequent to search operation and the addition has been finally confirmed by the Tribunal, in these circumstances, there is a clear case of concealment of income by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the whole matter has to be seen in a different perspective irrespective of the fact that the addition has been confirmed by the higher authorities. In the present case, though the addition has been confirmed by this Tribunal on the ground that the addition is made on the basis of seized material, but, in our view, as pointed out by the learned counsel for the assessee, there is a huge difference in the rate of sale of the flat recorded in the other cases and in the case of J.B. Exports. The document has to be relied in its entirety and a part of the document cannot be considered. In the seized material, 15 entries of sale of flats reveal the rate of flats between Rs. 1,300 to Rs. 3,700. Moreover, the rate of flats in 'G' Block and very nex ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
