COMMISSIONER OF INCOME TAX Vs. GIRIRAJ AGARWAL GIRI

JUDGEMENT

(1.) Heard the learned counsel for the appellant. The Revenue has preferred this appeal under section 260A of the Income-tax Act 1961 (for short "the Act"), against the order dated July 27, 2007, passed by the Income-tax Appellate Tribunal, Jaipur Bench "B", Jaipur, dismissing the appeal of the Revenue and affirming the order of the Commissioner of Income-tax (Appeals)-III, Jaipur, dated March 22, 2006, deleting the imposition of penalty of Rs. 2,89,217, by the Assessing Officer under section 158BFA(2) of the Act.

(2.) The facts of the appeal, in brief, are that a notice was issued to the asses-see-respondent by the Assessing Officer on September 12, 2005, to show cause as to why penalty under section 158BFA(2) of the Act may not be imposed for concealing the income of Rs. 4,82,028 in the following heads : <FRM>JUDGEMENT_1429_TLRAJ0_2012_1.html</FRM>

(3.) The assessee filed his reply dated September 19, 2005, and submitted that the alleged undisclosed income of Rs. 4,82,028 is purely on the basis of estimation and no such documents or evidence to this effect was found during the course of search. The Assessing Officer was not satisfied with the reply, filed by the assessee and, vide his order dated September 23, 2005, imposed a penalty of Rs. 2,89,217 under section 158BFA(2) of the Act.