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2023 (4) TMI 949 - ITAT RAJKOTPenalty u/s 271(1)(c) - furnishing inaccurate particulars of income for unexplained unsecured loan - assessee is seeking for adjournment on the ground that the rectification application made is pending with the CIT(A) in respect of the quantum appeal decided by him while passing his order requesting him to give decision on the ground of appeal remained to be decided - HELD THAT:- CIT(A) was of the opinion that the impugned addition with respect to which penalty has been levied has attained finality by virtue of the order passed by the Tribunal and therefore, the application u/s 154 against the CIT(A)’s order contending that some grounds have not been decided by the CIT(A) lacks merit. The same has no relevance to the appeal proceeding against the penalty order based on addition sustained by the Tribunal. Such contention made by the assessee, therefore, has been rejected by the FAA in the order impugned before us. The decision on the issue out of which the penalty proceeding has been initiated has already attained finality by virtue of order passed by the ITAT [2012 (10) TMI 1119 - ITAT RAJKOT] which is reflecting at paragraph 6 of the order passed by the ITO in imposing penalty. Therefore, asking for adjournment on the plea of rectification application pending before the Ld. CIT(A) seems to be frivolous and misleading, thus, rejected. Assessee’s appeal is dismissed. Genuineness of cash credit has been disproved even during the appellate proceeding - Taking into consideration the entire aspect of the matter, the confirmation of the order of penalty passed by the Ld. CIT(A), on the fact of addition u/s 68 of the Act by invoking Section 271(1)(c) by the CIT(A), in our considered opinion, is, therefore, found to be just and proper so as to warrant interference. Assessee’s appeal is dismissed.
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