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2021 (5) TMI 626 - AT - Income TaxLevying penalty u/s 271(1) (c) - bogus accommodation entries - HELD THAT:- Several notices were returned unserved and hence we are proceeding to dispose of the appeal by hearing learned Departmental Representative and perusing records. We note that in this case the assessee was engaging into bogus accommodation entries. The gross receipt shown income was estimated by the AO @ 0.75%. Assessee did not contest quantum. In penalty and appellate proceedings also it did not make convincing submission. It is noted that the issue in dispute was bogus expenses. CIT(A) has relied upon the decision in the case of Kalindi Rail Nirman Engineering Ltd. [2014 (4) TMI 679 - DELHI HIGH COURT] for sustaining levy of penalty. In our considered opinion learned CIT(A) has passed reasonable order. Appeal filed by the assessee stands dismissed.
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