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2018 (9) TMI 464 - AT - Income TaxPenalty u/section 272A(1)(c) - non-compliance to provisions of section 131(1) - Disclosure of information u/s 138 - reasonable cause on the part of the assessee in not submitting the details as called for by the ADIT (Investigation) - Held that:- So far as argument of the assessee that provisions of section 131(1) and 131(1A) are different, there is no dispute to the same. However, as per the provisions of section 131(1A) for the purpose of making any enquiry or investigation relating thereto it shall be competent for the officer to exercise the powers conferred under sub-section (1) on the Income Tax Authorities referred to in that sub-section. Provisions of section 131(1A) has to be read along with the provisions of section 131(1) of the I.T. Act. Therefore, the consequences for failure to furnish the requisite details will be the same as prescribed u/s 272A(1)(c). As find from the record that there was a deliberate defiance on the part of the assessee for non-submission of the same under the pretext that some of the details are available in the records of the Income Tax Department or some of the details are available in the Website of the Ministry of Corporate Affairs. In our opinion, no prejudice would have been caused to the assessee by submitting the details as called for by the ADIT (Investigation), as per the summons u/s 131(1A) if those details are already available in the records of the I.T. Department or in the website of the Ministry of Corporate Affairs. The conduct of the assessee in the instant case, in our opinion, is not at all bona-fide. Order of the ld. CIT(A) in confirming the penalty of ₹ 10,000/- levied u/s 272A(1)(c) is upheld. - Decided against assessee
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