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Girraj Mehta, Proprietor, M/s. Oswal Udyog Versus The Commissioner of Income Tax

2016 (2) TMI 272 - RAJASTHAN HIGH COURT

Penalty notice u/sec. 271(1)(c) - Held that:- Non initiation of proceedings u/sec. 271(1)(c) of the Act or non imposition of penalty u/sec. 271(1)(c) for concealment and furnishing of inaccurate particulars of income as they are independent and separate proceedings. The AO had also found as a finding of fact that it was established on record that the assessee has shown a bogus liability in the books of account and even the AO was able to go into further detail that even bearer cheques were issue .....

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rfered with as no perversity is noticed. We find no substantial question of law involved in the instant appeal. - D. B. Income Tax Appeal 187/2014 - Dated:- 7-1-2016 - Ajay Rastogi And J K Ranka, JJ. For the Appellant : Mr. P.K. Kasliwal, counsel JUDGMENT By the Court ( Per J K Ranka, J. ) 1. The instant appeal u/sec. 260A is directed against order dated 18.7.2014 passed by the Income Tax Appellate Tribunal, Jaipur Bench, Jaipur, in M.A. No.1/JP/2013 in ITA No.1069/JP/2010. It relates to assessm .....

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uiry from the said creditor u/sec. 133(6) it transpired that notice which was sent by the Assessing Officer to the address given by the appellant of the said creditor, returned undelivered by the postal authorities. The AO again desired the assessee to file complete address of the party as also the confirmation and other material to substantiate the entry shown in the name of said creditor. On further enquiry it was noticed by the AO that the account was squared up in the financial year relevant .....

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n 4.12.2009 mentioning therein that it could not get the confirmation from the said creditor and surrendered the amount for taxation in order to avoid further litigation and to have mental peace, and thus entire amount of ₹ 4,76,537/- was offered for taxation. The AO accordingly made an addition u/sec. 41(1)(a) of the Income Tax Act, 1961. The other additions were also made. 4. The matter was carried in appeal before the learned Commissioner of Income Tax (Appeals), who also insofar as the .....

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iled before the learned Tribunal which is still subjudice and pending consideration, and on prayer of the counsel for the appellant accordingly the said appeal was dismissed with liberty, if so advised, to file appeal after being aware of the outcome of pending appeal before the learned Tribunal. The Tribunal vide order dated 18.7.2014 in M.A. No.1/JP/2013 arising out of ITA No.1069/JP/2010, dismissed the miscellaneous application. 5. Learned counsel for the appellant contended that the surrende .....

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n which is contrary to the assurance granted to the appellant. He further contended that the CIT(A) had accepted the contention of the assessee but wrongly upheld the addition and entirely a different case was made out so also the Tribunal erred in upholding the addition and contended that the order of the Tribunal is perverse and substantial questions of law arise out of the order of the Tribunal. 6. We have heard the counsel for appellant and perused the impugned order so also the material on .....

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