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2016 (7) TMI 807 - AT - Income TaxPenalty order u/s 271(1)(c) - cash paid by the assessee for acquisition of shops out of undisclosed sources - Held that:- From the order of he ld.CIT(A), it is seen that factual findings have been recorded that element of cash was involved in the transaction of acquisition of shops. The Assessing Officer has given a finding after verifying the evidences that cash component of payments aggregating to ₹ 3,44,02,000 was involved in the transaction. Amount-wise break up and details was also given by ld.CIT(A) on page 6 of his order wherein under the name of the assessee specific amounts have been mentioned. Nothing has been brought before us to rebut these factual findings. Under these circumstances, we find the ld.CIT(A) has rightly confirmed the penalty levied by the Assessing Officer. In view of the same, no interference is called for in the order of the ld.CIT(A) and the same is confirmed. - Decided against assessee.
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