TMI Blog2020 (12) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee to represent the case. Neither in the quantum proceedings nor in the penalty proceedings, right from the stage of Assessing Officer till the Tribunal, the assessee has not furnished any explanation or supporting evidence either to contest the addition made under section 68 on merits or to prove the fact that there is neither any concealment of income nor furnishing particulars of inaccurate income - facts on record clearly reveal the casual and non cooperative attitude of the assessee towards the tax proceedings. Thus, when the assessee has not brought on record any evidence to prove the genuineness of the share premium and has also miserably failed to establish on record that there is neither any concealment or furnishing of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response to another notice issued under section 142(1), the assessee without appearing sent a letter raising some general objections. Due to non compliance of the assessee, the Assessing Officer proceeded to invoke the provisions of section 144 of the Act and completed the assessment to the best of his judgment. While doing so, he added back an amount of ₹ 80 lakh, as unexplained cash credit under section 68 of the Act. On the basis of such addition made in the assessment order and confirmed in appeal, the Assessing Officer proceeded to initiated proceedings for imposition of penalty under section 271(1)(c) of the Act alleging concealment of income and furnishing inaccurate particulars of income. As alleged by the Assessing Officer, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee did not appear, vide order dated 27th April 2015, in ITA no.7162/Mum./2012, the Tribunal confirmed the addition of ₹ 80 lakh. It is evident, on the basis of the aforesaid addition the Assessing Officer had initiated proceedings for imposition of penalty under section 271(1)(c) of the Act alleging concealment of income and furnishing of inaccurate particulars of income. However, the assessee neither furnished any explanation in response to the show cause notice issued under section 271(1)(c) r/w section 274 of the Act nor appeared before the Assessing Officer to show that no penalty is imposable. Before learned Commissioner (Appeals) when the appeal challenging the levy of penalty was fixed no one appeared on behalf of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
