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TMI Blog2014 (12) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... found that the explanation which was furnished by the assessee falls miserably short of the required standard in that it is not bonafide at all - If the assessee was a tenant of a building and which was required to be pulled down and there was, therefore, an arrangement with the landlady of providing two flats, then, that was a version of the assessee which was being tested - The Authorities had indicated and with sufficient clarity that the claim of tenancy is not genuine - The documents in relation to that claim are highly suspicious and the contents thereof cannot be believed - so long as the list of authorized tenants in the building does not contain the name of the assessee, then, his entering upon the property has to be probed furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that in the course of assessment year namely 200405, in the balance sheet the assessee had declared the cost of Flat No.401 and 402 having total carpet area of 1785 sq.ft. This flat is located in the 4th floor at Vile Parle in the building known as Ganesh Ashish. This flat was acquired in the previous year. The claim of the assessee was that he was a tenant of the property over which the building Ganesh Ashish was constructed and in consideration for surrender of tenancy rights to enable demolition and construction of flats, the assessee was given two flats. 4] There was an agreement entered into and which came to be registered with one Smt. Manjula S. Goradia whereby the assessee surrendered his tenancy rights in consideration of thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e penalty is imposed. True, it is that the limited assistance can be derived from the quantum proceeding in such matters but one finds in the facts and circumstances of the present case, that the foundation or basis on which the assessee before us claimed the benefit was highly doubtful and questionable. The Assessing Officer, the Commissioner of Income Tax (Appeals) and the Tribunal all concurrently found that the explanation which was furnished by the assessee falls miserably short of the required standard in that it is not bonafide at all. If the assessee was a tenant of a building and which was required to be pulled down and there was, therefore, an arrangement with the landlady of providing two flats, then, that was a version of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty proceedings, the assessee was not able to give a satisfactory explanation that the claim made by him in the return of income was bonafide and that he had declared all the material facts for computation of income. It is in these circumstances that the penalty was held to be justified. The facts and circumstances of the present case were clearly distinguishable from the judgments and which have been noted by the Tribunal in para10 of its order. 7] Even the principle relied upon in case of Anantharam must be applied in the backdrop of the facts in each case. The assessee before the Hon'ble Supreme Court was Abkari contractor. The return of income was filed and disclosing a turnover and certain income. That the ingredients of the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal. The appeal does not give rise to any substantial question of law as the orders of the Tribunal cannot be termed as perverse or vitiated by any error of law apparent on the face of the record. In relation to the Quantum or measure of penalty and which is in the case of section 271(1)(c) read with the explanation (1) the law postulates that in cases referred by clause (c) and (d) in addition to the tax, if any, payable by the assessee, a sum which shall not be less than, but shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefits or the furnishing of inaccurate particulars of such income or fringe benefits, shall be payable by way of penalty. It is t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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