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TMI Blog2019 (7) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... R. K. Panda, Accountant Member For the Appellant : None For the Respondent : Shri S. L. Anuragi, Sr. DR ORDER PER R.K. PANDA, AM: This appeal filed by the assessee is directed against the order dated 21.03.2016 of the CIT(A)-34, New Delhi relating to A. Y. 2011-12. 2. Levy of penalty of ₹ 3,88.549/- by the Assessing Officer u/s. 271 (1) (c) which has been upheld by the CIT(A) is the only issue raised by the assessee in the grounds of appeal. 3. None appeared on behalf of the assesse at the time of hearing. It was further seen that the notice issued by the registry through RPAD was returned by the postal authorities with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is income and furnished inaccurate particulars with the indention to hide the income so as to avoid the imposition of tax thereon. The provisions of Explanation-1 of section 271(l)(c) of the Act are clearly applicable in the case of appellant which create a legal fiction and raise a presumption against the assessee. It provides that if in respect of any fact which is material to the computation of total income, assessee does not offer an explanation or offers an explanation which is found to be false, the amount added or disallowed shall be deemed to be income in respect of which particulars are concealed. In the case of appellant, he has failed to offer any explanation in respect of undisclosed income during assessment proceedings as well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given in spite of sufficient opportunity, penalty cannot be avoided. The ratios of aforesaid decisions are squarely applicable in the case of appellant. He has not offered any explanation either during assessment proceedings or penalty proceedings in respect of additions made by AO. Thus, in absence of any explanation on the part of appellant, AO was justified in concluding that the appellant has concealed the income or furnished inaccurate particulars. 5.1 Further, the conduct of appellant also proves that he has consciously made the concealment or furnished inaccurate particulars of income Addition confirmed by Ld. CIT(A) established this aspect. Hon'ble Orisa High Court in the case CIT Vs. Indian Metals Ferro Allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncealed. 5.2 One more plea has been taken by Appellant that he surrendered the income during assessment proceedings, therefore, penalty should not be levied on him. The plea taken by appellants misplaced. From the facts, it is clear that once he was cornered by AO he revised the computation of income disclosing the income @ 8% of total cash deposits. In the case CIT vs. Usha International Ltd., Hon'ble Delhi High Court vide their order dated 19.11.2012 has held that the revised return filed by assessee only when it was cornered and income tax authorities had collected material on the basis of which it could be said that a claim for deduction was false or bogus, penalty u/s. 271(l)(c) is leviable in such cases. From th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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