HAKEEM S A SYED SATHAR Vs. ASSISTANT COMMISSIONER OF INCOME TAX
INCOME TAX APPELLATE TRIBUNAL
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M.K. Chaturvedi, Vice President -
(1.) THESE cross appeals are directed against the order dated 7-6-2007 passed by the Commissioner (Appeals)-II, Chennai and relate to the block period 1996-97 to 23-1-2003.
(2.) The assessee is in appeal against the maintenance of the penalty levied under Section 158BFA(2) of the Income-tax Act, 1961 (hereinafter called the 'Act') to the extent of Rs. 29,87,077/- and the department is in appeal against the reduction of penalty to the extent of Rs. 43,72,498/-.
We have heard the rival submissions in the light of the material placed before us and the precedents relied upon. The assessee was practicing in Unani medicine. Search operation under Section 132 of the Act was conducted on 23-1-2003 at the premises of the assessee. During the search certain documents showing suppression of professional receipts were found and seized.
(3.) IN response to the notice under Section 158BC of the Act the assessee filed return of income for the block period on 31-12-2003 in which undisclosed income was declared at Rs. 69,40,422/-. The Assessing Officer passed order under Section 158BC on 31-3-2005 in which the total undisclosed income was determined at Rs. 2,54,59,503/-. The Commissioner (Appeals) vide order dated 31-3-2006 reduced the undisclosed income to Rs. 2,30,71,258/-. An appeal against the order of the Commissioner (Appeals) was filed before the Tribunal. The Tribunal determined the total undisclosed income at Rs. 1,16,81,860/-. The Commissioner (Appeals) in the light of the order of the Tribunal reduced the penalty from Rs. 73,59,575/- to Rs. 29,87,077/-.;
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