Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
A search and seizure operation was carried out on 5.10.2007 in the business and residential premises of Choksey group of businesses. Since the assessee had business connections with the group, his business and residential premises were also searched by the investigation wing of the Department. During the search and seizure proceedings an undisclosed bank account belonging to the assessee was detected. Besides in another bank account of the assessee, there was a cash deposit of Rs.4,21,000/- and credit entries of Rs. 7 lakhs. The assessee vide letter 30.11.2007 disclosed income of Rs. 12.73 lakhs for the year under consideration. In this case, assessment u/s. 147 r.w.s. 143 (3) of the Income-tax Act,1961 (Act)was completed on 12.12. 2008and penalty proceedings u/s.271(1)(c) were initiated for furnishing inaccurate particulars of income.
Citation :
Haren P Choksey, Krishna Villa, Linking Road, Santacruz (W), Mumbai – 400 054. (Appellant) Vs. DCIT Central Circle-45, 569, 5th Floor, Aayakar Bhavan, M.K. Road, Mumbai – 400 020. PAN: ACYPC 0753 G (Respondent)
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