2012 (8) TMI 395

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..... ed 14-12-2010 passed by the ld. CIT (A) - 1, Thane for the Block Period 01-04-95 to 27-09-2001 cancelling the penalty of Rs. 3,02,261/- imposed by the A.O. u/s 158 BFA(2) of the Income Tax Act, 1961 (the Act). 2. At the time of hearing, none attended on behalf of the assessee nor filed any application for the adjournment of the case, therefore, it was decided to dispose of the appeal ex parte, qu .....

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..... able opportunity of being heard to the assessee. Accordingly, the set aside assessment was completed on 31-12-2008 determining the total undisclosed income of the assessee at Rs. 60,03,679/-. While making the assessment, the A.O. has also initiated penalty proceeding u/s 158BFA(2) of the Act. In response to show cause notice as to why penalty u/s 158 BFA(2) should not be imposed, the assessee whil .....

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..... ed an application u/s 154 wherein it was pointed out that there was a mistake in the computation in the total income. As per the assessee, the A.O. wrongly started the computation part with returned undisclosed income as against net profit as per profit/loss account as per original block assessment order. However, the A.O. was of the views that since the assessee himself admitted the undisclosed i .....

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..... ome of Rs. 55 lacs as shown by the assessee in the original return of undisclosed return filed on 9-1-2003 and accordingly allowed the appeal. 5. On an appeal filed against the imposition of penalty u/s 158 BFA(2) of the Act, the ld. CIT(A) held that since as per the appellate order dtd. 6-8-2010 the undisclosed income of the assessee was determined at Rs. 55 lacs as returned by the assessee and .....

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..... income of the assessee has been determined at Rs. 55 lacs as disclosed by the assessee in the return. Even otherwise, the difference between the income returned and assessed by the A.O. is due to difference of opinion, and, hence not a case of concealment. In this view of the matter and in absence of any contrary material placed on record by the Revenue, we are of the view that there is no conceal .....

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