Can some body tell me whether there is any penlty for concelment in the following case:-
Suppose Mr. A never file return under wealth tax act. He receive a notice from assessing officer for filling of return. He filled return in response of notice.
Now assessing officer want to include all assets for penlty on concelment of income. Is Assessing officer is right?
27 November 2009
The assessee has to prove that the money for investments in assets has come out of the declared income. To substantiate this, if the assessee do not have books of accounts,a cash flow statement and reconciliation of wealth, year wise, has to be prepared. If there is any difference or do not substantiate as above/any other method, the view of the ITO will hold good.
CAclubindia
