9911796707
TMI Blog2018 (7) TMI 2174X X X X Extracts X X X X X X X X Extracts X X X X ..... TAT, Ahmedabad D Bench in assessee s own case in [ 2010 (3) TMI 1078 - ITAT AHMEDABAD] for A.Y.2004-05, we find that provisions of section 271(1)(c) are attracted. Therefore, we do not find any reason to interfere with findings recorded by the lower authorities. - Decided against assessee. - I.T.A No. 1011/Ahd/2014/SRT - - - Dated:- 31-7-2018 - Shri C.M. Garg, Judicial Member And Shri O.P. Meena, Accountant Member For the Assessee : Shri Rasesh Shah CA. For the Revenue : Shri J.K. Chandnani, Sr. DR. ORDER Per O. P. Meena, Accountant Member: 1. This appeal filed by the Assessee is directed against the order of learned Commissioner of Income tax (Appeals)-V, Surat (in short the CIT (A) ) dated 13.01.2014 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961 was issued on 02.08.2005 and served upon the assessee on 10.08.2005. And also notice u/s.142(1) along with details questionnaire dated 24.07.2006 was issued and duly served upon the assessee by Speed Post. On the appointed day, nobody attended nor any adjournment sought for. Therefore, another opportunity was granted by issuing letter dated 01.08.2006 that case fixed for hearing on 11.06.2006. On 15.08.2006, Shri Ketan Bhatt attended before the Assessing Officer with authorization and furnished some of the details as per questionnaire. The AO relied on the statement of Shri Jayantibhai V. Lakhani recorded on oath u/s.131 on 21.03.2005 and undisclosed income is worked out at ₹ 26,69,004/- (₹ 11,17,975/- shown in the revi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 250 ITR 157 (Delhi), Hon'ble Punjab and Haryana High Court in Viswakarma Industries vs. CIT (1982) 132 ITR 652, Hon'ble Kerala High Court in CIT vs. K.P.Madhusudana in 246 ITR 218, Hon'ble Allahabad High Court in Sushil Kumar Sharad Kumar 232 ITR 588 (Alld), Hon'ble Delhi High Court in CIT vs. Sohan Singh 254 ITR 170 held that for the purpose of penalty matter has to be examined in the background of Explanation to Section 271(1)(c). It has also been held that evidences recorded during the course of assessment proceedings, though not conclusive, are not totally irrelevant. They could be taken note of. According to the High Court decision what was required was that the assessee must offer an explanation which, if found to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of the learned DR and the material available on record. The AO specifically recorded in the assessment order that during the course of survey it was gathered that the assessee has obtained unsecured loans from various parties and Shri Jayantibhai Lakhani has admitted in his voluntary statement and his group members had accepted unsecured loans by giving cash to the persons from whom loans and advances were receive. He has agreed that cash given to obtain these loans are not recorded in the books of account. The assessee agreed to surrender the non-genuine credits in the revised return but only part of the amount was disclosed as undisclosed income in a sum of ₹ 11,17,975/-. The assessee did not comply with the statutory notices bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ogus and also agreed to surrender the income in the revised return but only part of the bogus credits were disclosed as undisclosed income in the revised return. In such a situation burden is very heavy upon the assessee to prove the genuineness of the credits of the rest of the amount which the assessee has not disclosed in the revised return despite admitted in the voluntary statement recorded on the date of survey. The assessee has however, not complied with the statutory notices before the AO at the assessment stage. Even at the appellate proceedings the assessee did not produce the parties and their complete addresses and particulars before the AO in the remand proceedings. Therefore, it stands proved that the assessee has no explanati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
