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2018 (12) TMI 897 - AT - Income TaxLevy of penalty u/s 271(1)(c) - investments surrendered after detection of concealment by the Department by way of search u/s 132 - as per AO surrender was covered only in the year of search or the preceding year of which return was due but not filed by the assessee, and the impugned year being neither, the assessee was not entitled to claim immunity of the surrender granted - Held that:- Additional ground raised by the assessee that the order passed u/s 271(1)(C) was invalid and bad in law as also the penalty proceedings initiated vide notice u/s 274 r.w.s 271(1)(C) since no submissions were made in this regard,oral or written,by the assessee nor any copy of the notice issued u/s 274 filed before us pointing out any infirmity in the same,the said additional grounds are dismissed. As for the ground raised challenging the levy of penalty on merits ,since admittedly the facts in the present case are identical to that in the case of Munish Jain [2018 (3) TMI 1676 - ITAT CHANDIGARH] the decision rendered by the ITAT in the said case squarely applies to the present case following which we uphold the levy of penalty u/s 271(1)(c). - Decided against assessee.
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