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2019 (2) TMI 354 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - Held that:- As noted by CIT(A) that assessee has not filed any appeal against the addition made and accordingly accepted the quantum addition made by the AO. Ld. CIT(A) after referring to various judgments including the judgment of Hon'ble Apex Court rendered in the case of Mak Data Vs. CIT [2013 (11) TMI 14 - SUPREME COURT] , upheld the penalty order. He has given a categorical finding on page No. 13 of his order that assessee has failed to prove the genuineness and bonafides of the transactions in dispute. In the light of the facts of the present case, I find no reason to interfere with the order of CIT(A). - decided against assessee.
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