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2020 (12) TMI 497 - AT - Income TaxPenalty u/s 271(1)(c) - AO proceeded to complete the assessment u/s 144 - addition u/s 68 - absence of any explanation or supporting evidence produced by the assessee - HELD THAT:- Assessee neither furnished any explanation in response to the show cause notice issued under section 271(1)(c) r/w section 274 of the Act nor appeared before the Assessing Officer to show that no penalty is imposable. Before learned Commissioner (Appeals) when the appeal challenging the levy of penalty was fixed no one appeared on behalf of the assessee despite several opportunities. Even before us also, no one appeared on behalf of the assessee to represent the case. Neither in the quantum proceedings nor in the penalty proceedings, right from the stage of Assessing Officer till the Tribunal, the assessee has not furnished any explanation or supporting evidence either to contest the addition made under section 68 on merits or to prove the fact that there is neither any concealment of income nor furnishing particulars of inaccurate income - facts on record clearly reveal the casual and non–cooperative attitude of the assessee towards the tax proceedings. Thus, when the assessee has not brought on record any evidence to prove the genuineness of the share premium and has also miserably failed to establish on record that there is neither any concealment or furnishing of inaccurate particulars of income, imposition of penalty under section 271(1)(c) of the Act, in our view, is justified. - Decided against assessee.
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