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2016 (1) TMI 1400 - AT - Income TaxLevy of penalty u/s.271(1)(c) - unexplained investment u/s.69C - Held that:- We find in the instant case the AO has made the addition of ₹ 1,57,500/- as unexplained investment u/s.69C of the Act on the basis of entries in seized documents/accounts found from the premises of Shri Shriram H. Soni. The AO has given cogent reasons while making the addition. We find the Ld.CIT(A) while sustaining the addition made by the AO has given valid reasons which has already been reproduced in the preceding paragraphs. In our opinion, the order of the CIT(A) is a reasoned one and does not call for any interference from our side. We accordingly uphold the same and the grounds raised by the assessee are dismissed. CIT(A) while confirming the penalty levied by the AO has given a clear cut finding that the assessee has concealed the particulars of his income and also furnished inaccurate particulars of income with regard to payment of interest and brokerage on loan of ₹ 10 lakhs obtained through Shri Shriram Hiralal Soni. He has also given a finding that the assessee has tried to misrepresent the facts by taking grounds which are devoid of facts and merit. There is no other material before us to contradict the factual finding given by the CIT(A) while upholding the penalty levied by the AO u/s.271(1)(c) of the I.T. Act. In our opinion the order passed by the CIT(A) confirming the penalty levied by the AO u/s.271(1)(c) of the I.T. Act, 1961 is a reasoned one and does not call for any interference from our side. - Decided against assessee.
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