BISHWANATH PRASAD,MUZAFFARPUR vs. AC/DCIT CENTRAL CIRCLE, MUZAFFARPUR

In the result, all the appeals of the both the assessee in ITA

Bench: Shri Rajpal Yadav, Vp & Shri Dr. Manish Borad, Am

6,02,55,626/-. The assessee accordingly filed return under Section 148 of the Act and offered income on the suppressed turnover at the rate of 8% and the same was accepted. However, the learned Assessing Officer initiated the penalty proceedings under Section 271(1)(c) of the Act for concealment of particulars of income and finally, levied the penalty