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TMI Blog2016 (6) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... hed its original return of income for assessment year 2008-09 on 04.10.2008 declaring a loss of Rs. 20,46,050/-. The case was selected for scrutiny by issuing notice u/s 143(20 and assessment u/s 143(30 was completed on 30.12.2010 determining total income at Rs. 1,71,53,950/-. 3. During the assessment proceedings, it was gathered by the AO that the assessee had received brokerage income of Rs. 1,92,00,000/- in accordance with the agreement entered between the assessee and Mr. Shokat Mohd. Khan and others for the sale of land measuring 10.96 acres situated at Khasra NO.74/2/1, Prempura Gram, Bhopal owned by them. As per agreement, it was agreed that the assessee company bring broker would find a genuine purchaser to buy the said property an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt of brokerage/commission of Rs. 1,92,00,000/- earned by the assessee as income from other sources and added the same to the total income of the assessee. The AO also initiated penalty proceedings u/s 271(1)(c) of the Income-tax Act, 1961. 4. The matter carried to the ld. CIT(A) and the ld. CIT(A) has dismissed the appeal. 5. The ld. Authorized Representative for the assessee has filed the written submission, which reads as under :- "The assessee submits that all the facts for making the claim were already on record. No evidence has been brought on record by the Department to hold that income was "concealed. The word "conceal" is derived from the latin concleare which implies con + celare to hide. It means " hide or withdraw from obse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of its income. Whether the burden of proof in a given case has been discharged on a set of facts is a question of fact. A finding of fact arrived at by the Tribunal will not be disturbed unless it is based on no material or is perverse or is based on irrelevant, extraneous or inadmissible considerations or is arrived at by the application of wrong principles of law. Change of perspective in viewing a thing does not transform a question of fact into a question of law. Whether there was concealment or not is, ordinarily, a question of fact. Where a fact-finding body bearing in mind the correct principles comes to the conclusion that the assessee has discharged the onus, it becomes a conclusion of fact. Similarly, whether the explanation off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed." 6. The ld. Departmental Representative relied upon the orders of the authorities below. 7. We have heard the rival contentions of both the parties. The admitted facts involved in this case are that the assessee-company entered into an agreement on 06.07.2007 with five persons, namely, Mr. Serwar Mohd. Khan, Mr. Zafar - Mohd. Khan, Mr. Shokat Mohd. Khan, Mr. Tajwar Mohd. Khan & Mr. Muzaffar Mohd. Khan, who were owners of the land measuring 2.192 acres each situated at Khasra No. 74/211, Prempura Gram, Bhopal. As per this agreement, these five sellers agreed to sell their land through the assessee-company as a broker and the assessee-company agreed to find a genuine purchaser to buy the said property and to carry out all sort of negot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this income by not offering for tax the amount of income of Rs. 1,92,00,000/- earned by it in its return of income. Therefore, considering the facts and circumstances of the case and legal position on the issue, we are in full agreement with the A.O. that the assessee had concealed particulars of income of Rs. 1,92,00,000/- on account of brokerage earned and received by it by not offering the same as its taxable income in the return of income furnished for A.Y. 2008-09. Therefore, the assessee was liable for penalty u/s 271(l)(c) of the Act for concealment of its income to the tune of Rs. 1,92,00,000/- as brokerage income. Hence, the A.O. was justified in levying penalty u/s 271(l)(c) of Rs. 58,00,000/- for A.Y. 2008-09. Thus, the penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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