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2022 (5) TMI 1278 - AT - Income TaxPenalty proceedings u/s 271(1)(c) - unverifiable selling expenses, Disallowance of EPF & ESIC after due date added u/s 2(24)(x) read with section 36(1)(va), Deemed dividend u/s 2(22)(e), Bogus creditors, Surrender on account of unverifiable creditors - HELD THAT:- As perused the orders passed by the authorities below, specifically the impugned order wherein the Commissioner has observed that the Assessee has not offered any explanation for rebutting the presumption of concealment and even also failed to mention any worthwhile new facts and evidence in order to show the transactions, even if not confirmed by the parties with whom the Assessee has dealt with, were genuine/real. Therefore, virtually in this case no explanation has been offered in the penalty proceedings. Hence, the penalty has been rightly levied u/s 271(1)(c) of the Act. Before us as well, the Assessee has failed to place on record any material to contradict the findings of the ld. Commissioner. Even otherwise we do not find any reason or material to controvert the findings given by the Commissioner in upholding the levy of penalty imposed by the Assessing officer and therefore in the absence of any cogent reason and/or material, we are constrained to dismiss the appeal of the Assessee and to uphold the impugned order - Decided against assessee.
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