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2022 (7) TMI 849 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Addition u/s 68 - assessee had failed to prove the identity and creditworthiness of the shareholders as well as genuineness of the transaction - HELD THAT:- A perusal of the concluding part of the assessment order reveals that the Assessing Officer, in this case, has initiated the penalty proceedings u/s 271(1)(c) of the Act on both limbs i.e. for concealing particulars of income and furnishing inaccurate particulars of income. We agree with the DR contentions in such cases both the limbs i.e. furnishing of inaccurate particulars of income and concealment of income overlap each other. Assessing Officer, in this case, has specifically mentioned that the penalty proceedings are initiated under both the limbs. All the facts relating to the share application money and share premium and that being not genuine transaction and the identity and creditworthiness of the share subscribers being not proved have been duly discussed in the assessment order and based on the aforesaid facts, the penalty proceedings have been initiated. It is not a case where the assessee was not aware of the facts of the case or the charge upon which the penalty proceedings have been initiated. The assessee neither come forward with any explanation during the penalty proceedings u/s 271(1)(c) of the Act nor during the appellate proceedings before the CIT(A). Even the assessee has failed to attend the proceedings before this Tribunal and no explanation has been put forth by the assessee in this case. - Assessee appeal dismissed.
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