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2016 (2) TMI 167

Head Note / Extract:
Penalty under Section 271(1)(c) - bogus transaction of sale and purchase of asset - Held that:- The assessee is a banking company and claimed before the Assessing Officer that it entered into the sale and lease back transaction. The claim of the assessee that the asset was originally belonged to a particular person, was proved to be wrong. In fact, the invoices were forged in the name of the assessee. On examination, the suppliers of the asset confirmed that they did not issue any invoice in the name of the assessee. When the assessee was cornered on all the four corners and it was found to be a bogus transaction of sale and purchase of asset, the assessee withdrew the claim of depreciation. Therefore, it is not a case of making a claim after furnishing all the particulars of income. It is a case of making a claim on the basis of the so-called bogus transaction. The suppliers of the asset clarified that no transaction was entered into with the assessee.

Therefore, it is a clear case of furnishing inaccurate particulars in the form of forged invoices and thereby concealed the particulars of income of the assessee. Therefore, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly confirmed the penalty levied by the Assessing Officer under Section 271(1)(c) of the Act. This Tribunal do not find any reason to interfere with the order of the lower authority. - Decided against assessee


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