9911796707
TMI Blog2014 (5) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... -08. Since issues involved and factual back ground of the cases are common, these appeals were heard together and are being disposed of with this common order for the sake of convenience. 2. Brief facts of the case are that the assessee is in the business of real estate. A search and seizure operation was conducted on the entire group of M/s. Grandville Realtors on 26.7.2006. It was found that the assessee had never filed his returns of income in spite of the business in real estate. Therefore, notices under S.153A were issued. In response, though returns were filed disclosing certain figures of income, the Assessing Officer found that the incomes declared were meager and not accurately declared and as per the documents found and seized du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditions made in the assessments and penalties for concealment imposed with reference thereto, for each of the years under appeal, are tabulated below Assessment Year Addition made to income returned Rs. Penalty imposed under S.271(1)(c) of the Income-tax Act, 1961 Rs. 2005-06 1,82,034 54,610 2006-07 58,619 17,586 2007-08 14,332 4,300 4. On appeal before the CIT(A), the assessee, besides reiterating the contentions urged before the Assessing Officer, further contended inter-alia that he was under a bona fide belief that his income from real estate was exempt from income-tax. Not finding merit in the contentions of the assessee, the CIT(A), by the impugned orders, confirmed the above penalties imposed by the Assessing Officer for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the assessee, and as such it is not a fit case for the levy of penalty on account of concealment, under S.271(1)(c) of the Act. But for brushing aside the bona fide belief pleaded by the assessee on vague and general grounds, the Department has not brought on record any material to prove the falsity of the explanation offered by the assessee. Mere fact that the assessee has accepted the additions made in the assessment, and not preferred appeal, does not by itself justify the imposition of penalty for concealment. For these very reasons, and also for the reason that the amounts involved in the assessment years 2006-07 and 2007-08 are very meager, we do not find any justification for the imposition of penalty under S.271(1)(c) of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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