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TMI Blog2015 (10) TMI 584X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer. He has accounted these receipts in the next year and rather raised the dispute with regard to credit of the TDS. The next item is an addition on an estimate basis. Again, a debatable point, there is no concrete material on the record which demonstrates that assessee has deliberately concealed the particulars of income or furnished inaccurate particulars. The Ld. First Appellate Authority has righty deleted the penalty. - Decided in favour of assessee. - ITA No. 2635/Ahd/2011 - - - Dated:- 19-6-2015 - N S Saini, AM And Rajpal Yadav, JM For the Appellant : M K Singh, Sr DR For the Respondent : HV Gandhi, AR ORDER Per Rajpal Yadav, Judicial Member The revenue is in appeal before us against the order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. In this way, an addition of ₹ 16,77,766/- was made to the income of the assessee. 4. The ld. Assessing Officer has further observed that books of accounts of the assessee are not reliable. The assessee has shown a net profit of ₹ 2.15% in the current year which is far below than 8% shown in preceding year. Ld. Assessing Officer has rejected the contentions of the assessee and estimated the profit on the gross receipts. He made an addition of ₹ 4,61,770/- 5. These additions were confirmed up to the Tribunal. Copy of the Tribunal's orders passed in ITA No. 3899/Ahd/2010 has been placed on the record. 6. The ld. Assessing Officer had issued a show cause notice u/s. 274 r.w.s. 271(1)(c). In response to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He may direct that such person shall pay by way of penalty. (i) and (Income-tax Officer,)** ** (iii) in the cases referred to in Clause (c) or Clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which 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 benefit the furnishing of inaccurate particulars of such income or fringe benefits: Explanation 1- Where in respect of any facts material to the computation of the total income of any person under this Act, (A) Such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Commissioner (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fiction, by way of Explanation I to section 271(1)(c) postulates two situations; (a) first whether in respect of any facts material to the computation of the total income under the provisions of the Act, the assessee fails to offer an explanation or the explanation offered by the assessee is found to be false by the Assessing Officer or Learned CIT(Appeal); and, (b) where in respect of any fact, material to the computation of total income under the provisions of the Act, the assessee is not able to substantiate the explanation and the assessee fails, to prove that such explanation is bona fide and that the assessee had disclosed all the facts relating to the same and material to the computation of the total income. Under first situation, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll receive the receipts for the month of March in April, therefore, he will raise bill in the month of April and account the receipts in the next month. It is a misconception in the mind of assessee but he has not deliberately withheld something from the Assessing Officer. He has accounted these receipts in the next year and rather raised the dispute with regard to credit of the TDS. The next item is an addition on an estimate basis. Again, a debatable point, there is no concrete material on the record which demonstrates that assessee has deliberately concealed the particulars of income or furnished inaccurate particulars. The Ld. First Appellate Authority has righty deleted the penalty. We do not find any merit in this appeal. It is dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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