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2016 (1) TMI 528 - AT - Income TaxPenalty u/s 271(1)(c) - concealment on account of investment - Held that:- It is an undisputed fact that the evidence in the form of sale deed was found during the course of survey showing the assessee paid sale consideration of ₹ 4.00 lacs for purchase of plot which was not found recorded in the books of account and source of investment has not been explained by the assessee which was admitted by the assessee during the course of survey but the same has not been disclosed in the return. The concealment on account of investment has been established by the AO. The assessee also partly admitted that Coordinate Bench has not accepted the theory of set off of this addition against trading addition in quantum proceedings. Similarly, the cash deposit in the bank account is also proved by the AO as concealment of income of the assessee. The explanation filed by the assessee is not bonafide and this case is covered u/s 271(1)(c) of the Act. Thus in view of the above judgement of Hon'ble Supreme Court CIT vs. Mac Data (P) Ltd. (2013 (11) TMI 14 - SUPREME COURT ) wherein held AO has to satisfy whether the penalty proceedings be initiated or not during the course of the assessment proceedings and the Assessing Officer is not required to record his satisfaction in a particular manner or reduce it into writing we confirm the order of the ld. CIT(A). Therefore, the appeal of the assessee is dismissed. - Decided against assessee
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