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TMI Blog2019 (6) TMI 1053X X X X Extracts X X X X X X X X Extracts X X X X ..... of profit is a mode of computation of income under compelling circumstance, when the assessee failed to give requite details. Considering concurrent finding of the both the authorities we do not find any merit in this appeal. - Decided against assessee. - ITA No.1614/Ahd/2012 - - - Dated:- 20-6-2019 - Shri Rajpal Yadav, Judicial Member And Shri Rifaur Rahman, Accountant Member For the Assessee : Shri M.K. Patel, AR For the Revenue : Shri Vinod Tanwani, Sr.DR ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-III, Baroda dated 17.5.2012 passed for the Asstt.Year 1994-95. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare capital ₹ 47,50,000/- c) Unsecured loan ₹ 10,50,000 d) Foreign travel expenses ₹ 1,13,479 e) Balance sheet difference as per seized paper ₹ 95,852 Deleted by the CIT(A) a) Relief on account unexplained share capital ₹ 30,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ** (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 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e so, statutory deeming fiction for concealment of income comes into play. This deeming 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot offered any explanation about the income for which it has furnished inaccurate particulars. Estimation of income is by compulsion at the end of the AO and not by choice. It is not case that the AO was not satisfied with the details maintained by the assessee or explanation given by the assessee. Thereafter, he estimated profit at a different rate. Here estimation of profit is a mode of computation of income under compelling circumstance, when the assessee failed to give requite details. Considering concurrent finding of the both the authorities we do not find any merit in this appeal. It is dismissed. 8. In the result, appeal of the assessee is dismissed. Order pronounced in the Court on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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