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TMI Blog2022 (1) TMI 688X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of the purchases to the extent required by the Revenue, and in order to avoid litigation and buy peace of mind, the income was offered by the assessee. It is a fact that the income declared during the course of survey was included in the return of income filed by the assessee in response to notice u/s 148 of the Act. Thereafter in the assessment order passed u/s 143(3) r.w.s. 147 of the Act the AO had accepted the return of income filed by the assessee and no addition was made therein. There is no question of levying penalty on account of concealment on the assessee. Hence, we direct to delete the penalty levied by the AO and which was confirmed by Ld.CIT(A). Thus, the grounds of assessee are allowed - Decided in favour of assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the respondent-revenue a statement under oath of Mr. Kaid Lokhandwala was taken and he admitted an additional income of ₹ 53,20,062/- on account of bogus purchases for the A.Y. 2008-09. In the reopening proceedings, the assessee filed return of income declaring a total income of ₹ 1,11,74,632/- which is inclusive of the additional income as disclosed under statement during the course of survey. The AO under scrutiny issued notice u/s. 143(2) of the Act. During the course of said reassessment proceedings, we note that the said Mr. Kaid Lokhandwala stated that the assessee has made actual purchases from the market against which the assessee received bills from those parties and also made payments to them through account payee ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 271(1)(c) of the Act. It is an undisputed fact that in the present case during the survey, assessee had admitted to disclose additional income of ₹ 19,10,720/- on account of bogus purchases. The perusal of statement recorded during the course of survey also reveals that it was stated that assessee firm had made actual purchases from the market for which it had received the bills from the parties and had also made payments through account payee cheques but since assessee was unable to prove the genuineness of the purchases to the extent required by the Revenue, and in order to avoid litigation and buy peace of mind, the income was offered by the assessee. It is a fact that the income declared during the course of survey was included ..... X X X X Extracts X X X X X X X X Extracts X X X X
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