2013 (1) TMI 1002

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..... to as the Act , for opinion to this Court. Whether on the facts and circumstances of the case and ratio laid down by the Hon'ble High Court of Calcutta in decisions in 155 ITR 291 and 130 ITR 602, the Hon'ble I.T.A.T. was correct in law in holding that the additions u/s 69 of I.T. Act being deeming provisions though approvable for the assessment, cannot be made basis for the purposes .....

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..... t of unexplained and unaccounted investment in the purchase of draft. The Assessing Officer also initiated penalty proceeding under Section 271(1)(c) of the Act. The additions made were not contested by the assessee and the income assessed became final. In penalty proceedings, the assessee stated that the account books were with the Department and the return was filed by mentioning plus or minus a .....

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..... g as under: After perusal of the evidence brought on record, we do not consider it necessary to reproduce the arguments given by the first Appellate Authority to delete the penalty in respect of additional profit on account of gross profit rate. All those arguments more or less apply to the penalty sustained by the first Appellate Authority in respect of ₹ 20,000, ₹ 37,000 and S .....

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..... de under the aforesaid section should be treated as unexplained income and the burden lies on the assessee to prove that he had not concealed any particulars of the income. As in the present case there was no explanation, whatsoever, the Tribunal was not justified in deleting the penalty under this section. 6. The learned counsel for the respondent, however, justified the order passed by the Tr .....

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..... ered opinion in the absence of any plausible explanation given by the assessee for not incorporating the payment of ₹ 37,000/- made by bank draft in the regular books of account, necessary inference is that he has concealed particulars of his income. The amount having been added under Section 69A of the Act nonetheless is to be treated as income of the assessee and the burden was upon the as .....

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