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2019 (11) TMI 1079 - AT - Income TaxPenalty u/s 271(1)(c) - addition u/s 68 - HELD THAT:- The assessee has not given any explanation. It has just submitted that it has received share application money from 272 parties. It has given their names. But the addresses given by the assessee were found to be incorrect because notices were returned. Apart from that the assessee has not given any details. Monies have been taken in cash and not through banking channel. Therefore, neither it has proved the genuineness of the transaction nor credit-worthiness of the alleged applicants; rather to say their identities also doubtful. In such circumstances, it has to be construed that the explanation offered by the assessee has been proved as false by the AO Assessee has relied upon above six judgments. Out of that in the first two, in the case of National Textiles [2000 (10) TMI 19 - GUJARAT HIGH COURT] and Jalaram Oil Mills [2001 (6) TMI 15 - GUJARAT HIGH COURT] assessment year involved is 1971-72 and 1974-75. Explanation- 1 to section 271(1)(c) of the Act has been appended in the present form w.e.f. 1-4-1976. Therefore, these judgments are of no help to the assessee. As far as the last judgment of Hon’ble Supreme Court in the case of Reliance Petroproducts P.Ltd. [2010 (3) TMI 19 - SUPREME COURT] the assessee has made some claim which was found to be not admissible as per the position of law. The assessee has not withheld information. Hon’ble Supreme Court was of the view that unless some claim is made, how the assessee would explain his case before tax authorities. In the present case no such facts are there. The assessee has not made any claim admissible in law, which has been disallowed on account of difference of opinion between him and the tax authorities. Similarly, as far as the facts of other three decisions are concerned, they are quite distinguishable with the facts in the present case. Therefore, we do not find any error in the order of the ld.CIT(A) and the appeal of the assessee is dismissed.
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