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2015 (1) TMI 695 - ITAT CHANDIGARHPenalty under section 271(1)(c ) - inaccurate particulars of income shown by assessee - Held that:- In the present set of facts addition has been made in the hands of the assessee, after making due and diligent enquiries where the transaction in question was held to be not genuine and it was held to be a case of professional entry provider. The evidences collected by the Assessing Officer and the statement of Shri Sanjay Rastogi recorded, who had clearly stated that he was giving entries to various concerns including the assessee and the assessee was found to have received the amount through five concerns having similar address, which admittedly were being run by the same person i.e. Shri Sanjay Rastogi and Shri Ashwani Uppal, established the case of revenue. Thus where the complete chain of transactions had been established by the investigating authority and it has been established that the assessee was a professional entry provider and addition having been made in the hands of the assessee thus, attract the levy of penalty under section 271(1)(c) of the Act. It is not a case of a bonafide explanation being given by the assessee which has not been accepted by the Department but finding of fact by the Assessing Officer/Commissioner of Income Tax (Appeals) and the order of the Tribunal establishes deliberate attempt to evade tax by way of introduction of cash credits and the assessee having furnished inaccurate particulars of income makes it liable to levy of penalty under section 271(1)(c) of the Act. Upholding the order of the Commissioner of Income Tax (Appeals), grounds of appeal raised by the assessee are dismissed. - Decided against assessee.
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