Penal provision of section 271(1)(c) would operate when there is a failure to disclose fully or truly all the particulars of income
ITAT AHMEDABAD BENCH
Shyourajsingh B Chauhan Vs. ACIT
ITA No. 523/Ahd/2008
Date- May 31, 2010
ORDER
A N Pahuja: This appeal by the assessee is di rected against an order dated 24-12-2007 of the ld. CIT(Appeals) -VI I , Ahmedabad, upholding penalty of Rs.5,52,040/- levied u/s 271(1)(c) of the Income-tax Act,1961[hereinafter referred to as the `Act’]
2. Facts, in brief, as per relevant orders are that return declaring income of Rs.19,72,930/- filed on 31.10.2002 by the assessee, an individual engaged in providing security personnel to various organizations in private and public sector, was processed u/s 143(1) of the Income-tax Act,1961[hereinafter referred to as the `Act’].In this case ,a survey u/s 133A of the Act had been conducted in the premises of the assessee on 24-1-2002. Consequently, the case was selected for scrutiny with the issue of notice u/s 143(2) of the Act on 22-10-2003. During the course of assessment proceedings, the Assessing Officer[AO in short] noticed a wide gap between the receipts shown and the income declared. The AO noticed that even in the earlier years, similar was the position. The relevant details extracted in the order of the AO reveal as under:
