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2019 (8) TMI 1118 - AT - Income TaxRevision u/s 263 - Unexplained cash credits - Addition u/s 68 - share application / premium money - HELD THAT:- CIT has held in very clear terms that the Assessing Officer had nowhere examined identity, genuineness and creditworthiness of the assessee’s share application / premium neither in sec. 143(3) nor in re-assessment proceedings. We notice in this backdrop that the tribunal’s co-ordinate bench’s decision in Rajmindir Estate Pvt. Ltd. vs. PCIT [2016 (5) TMI 801 - CALCUTTA HIGH COURT] has decided the very issue in Revenue’s favour stating that, Money allegedly received on account of share application can be roped in u/s 68 if the source of the receipt is not satisfactorily established by the assessee. It was further held that the evidence as tabulated, which was before the AO which should have provoked him to make further investigation. The AO did not attach any importance to that aspect of the matter. We therefore adopt the above extracted detailed discussion mutatis mutandis to affirm the CIT’s action to a AO treating the assessee’s share application / premium as unexplained cash credits - Decided against assessee. Penalty u/s 271(1)(c) - HELD THAT:- The assessee did not appear in the lower proceedings as per para-3 of the CIT’s order. Nor there is any discussion in the impugned penalty order as to whether it had filed any representation against the proposed penal action. We thus conclude that the CIT’s has rightly imposed the impugned penalty forming subject-matter of the instant. - assessee’s appeals are dismissed
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