The assessee \u00a0is in the business of conducting a bar attached hotel. It filed a return of income for the assessment year 2006-07. In the survey conducted under S. \u00a0133A\u00a0at the business premises of the assessee .\u00a0 Incriminating documents and evidence were noticed, The daily statement and sales vouchers were found to be destroyed by burning after reporting the sale amount of liquor to the managing partner. The assessee offered an additional amount of Rs.23,00,000 for assessment consequent to the survey proceedings, but the AO \u00a0found this insufficient and added a sum of Rs. 14,00,000 to make good the shortfall. The assessee agreed to that. The penalty proceedings were dropped by the AO. The CIT passed two orders in respect of the quantum and penalty proceedings. The Commissioner \u00a0also held that\u00a0 this was a fit case for imposing a maximum penalty of 300 per cent. The Tribunal upheld the assessment and justified the penalty, but reduced the penalty from 300 per cent. of the tax on the admitted income to Rs. 200 per cent. On appeal the Court held that\u00a0 \u00a0the calculation of the gross profit was made by the Assessing Officer, and the assessee agreed to the additions made. The changes suggested by the Commissioner invoking the revisional jurisdiction under S.\u00a0263\u00a0were not sustainable. As regards the concealment penalty the Court held that\u00a0 it was only consequent to the survey that the assessee had filed a return of income and shown an additional income of Rs. 23 lakhs. Even that was not found to be sufficient, and the Assessing Officer had made a further addition of Rs. 14 lakhs. There was a conscious attempt on the part of the assessee to destroy accounts. Accordingly the order of Appellate Tribunal is affirmed . ( AY.2006-07)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner – Revision of orders prejudicial to revenue \u2013 Estimate of income- Possible view \u2013 Revision is held to be not justified \u2013 Dropping of concealment penalty by the Assessing Officer \u2013 Revision order directing to levy of 300% – Tribunal affirming 200% levy of penalty \u2013 Order of tribunal is affirmed . [S.133A, 271(1) (c ) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12252","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3bC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12252"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12252\/revisions"}],"predecessor-version":[{"id":12253,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12252\/revisions\/12253"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}