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2016 (8) TMI 901 - AT - Income TaxPenalty levied u/s.271(1)(c) - undisclosed Short Term Capital Gain - Held that:- It is not in dispute moreover admitted by the assessee also that the assessee failed to show the sale account to the tune of ₹ 8 lakhs in his return. Undoubtedly, there is no explanation on record as to why the said amount of ₹ 8 lakhs was not reflected in the return of income resultantly the assessee did not show the Short Term Capital Gain to the tune of ₹ 8 lakhs. It is clear case wherein the assessee did not disclose an amount of ₹ 8 lakhs in his return. Making the statement before the tax authority nowhere justify the claim of the assessee because it is not a case of the recovery of unaccounted cash / other articles such as jeweler etc. In simple sense, the assessee did not show the said amount as income in his return which came into existence only after the search was conducted on the assessee. There is no cogent and convincing evidence on record to which it can be assumed that the learned CIT(A) has passed the order wrongly and illegally. No distinguishable facts to the finding of the learned CIT(A) has been produced on record. In view of the above said discussion we are of the view that the learned CIT(A) has passed the order judiciously and correctly - Decided against assessee
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