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2019 (10) TMI 118 - AT - Income TaxRevision u/s 263 - Unexplained cash credits - 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. [2016 (5) TMI 801 - CALCUTTA HIGH COURT] has decided the very issue in Revenue’s favour as held Money allegedly received on account of share application can be roped in under Section 68 of the Income Tax Act if the source of the receipt is not satisfactorily established by the assessee. Mere fact that the payment was received by cheque or that the applicants were companies, borne on the file of Registrar of Companies were held to be neutral facts and did not prove that the transaction was genuine We therefore adopt the above extracted detailed discussion mutatis mutandis to affirm the CIT’s action to a Assessing Officer treating the assessee’s share application / premium as unexplained cash credits. - Decided against assessee Penalty u/s 271(1)(c) - CIT’s action holding it to have concealed the particulars of income of its unexplained cash credits in the nature of share application / premium - 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. - Decided against assessee
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