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2019 (6) TMI 1091 - AT - Income TaxPenalty u/s 271(1)(c) - whether penalty proceedings were initiated for furnishing inaccurate particulars of income whereas penalty was levied for concealment of income as well as for furnishing inaccurate particulars of income? - HELD THAT:- There is no variation in the charge for levy of penalty and show cause notice issued for levy of penalty. Accordingly, the proposition laid down by the Coordinate Bench in the case of HPCL Mittal Energy Ltd. Vs ACIT [2018 (6) TMI 1554 - ITAT AMRITSAR] will not help the assessee so as to persuade us to cancel the penalty so imposed. Accordingly, we hold that the penalty has been correctly levied in so far as the charge for initiation of penalty as well as charge while levying the penalty was same. Thus, we do not find any merit in the contention of the ld AR. With regard to merit of penalty so imposed u/s 271(1)(c) we found that there was survey at the business premises of the assessee wherein on the basis of incriminating documents so found, unaccounted sales was worked out. Reasonably the A.O. made addition with regard to profit earned on such unaccounted sales which has been confirmed by the CIT(A) and the Tribunal. There is no dispute with regard to the concealment of income and furnishing of inaccurate particulars of income, in so far as the addition has been upheld up to the last extent. It has not been shown by the ld AR as to whether the order of the Tribunal in quantum appeal was challenged before the Hon’ble High Court and the Hon’ble High Court has accepted substantial questions of law so as to suggest that it is debatable issue. The penalty has been levied with reference to the incriminating material found during the course of survey which indicated exact amount of unaccounted sales. These unaccounted sales have been confirmed both by the CIT(A) and the Tribunal. A.O. has levied penalty only with respect to profit earned on these unaccounted sales which has not been disclosed in the return of income. Accordingly, it cannot be said that the penalty was levied with reference to estimation of income. Accordingly, we do not find any infirmity in the penalty so imposed. We are inclined to agree with the DR Shri Ashok Khanna that the A.O. was justified in imposing penalty u/s 271(1)(c) - Decided against assessee.
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