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2016 (3) TMI 250 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The assessee has shown cash creditor of ₹ 4 lacs in the name of Smt. Veena Khatri, Indore. The assessee had not furnished confirmation before the Assessing Officer, at the time of quantum addition as well as at the time of imposing penalty. The payment received and repaid through banking channel does not make the transaction sacrosanct. The assessee also had not furnished copy of PAN, copy of return to prove the identity, genuineness and creditworthiness of the creditor. As held by the Hon'ble Supreme Court that penalty U/s 271(1)(c) is a civil liability, therefore, intention/mens rea need not to be required to prove by the Assessing Officer. The case laws relied by the assessee are not squarely applicable on the facts of the assessee's case. Therefore, we uphold the order of the ld CIT(A). - Decided against assessee
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