Penalty u/s. 271(1)(c) justified since plausible explanation not provided for suppressed net profit

Rukmani Engineering Works Vs DCIT (ITAT Raipur) ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld. Facts- The assessee firm which is engaged in the business of execution of works contracts. The case of the assessee firm was selected for scrutiny assessment u/s. 143(2) of the Act. Thereafter, assessment was framed by the A.O vide his order passed u/s.144 (sic), dated 31.12.2010, wherein the income of the assessee firm wa...