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TMI Blog2023 (12) TMI 276X X X X Extracts X X X X X X X X Extracts X X X X ..... 332/- by the Ld. CIT(A) as levied by the AO u/s 271(1)(c ) of the Act. 3. Facts in brief are that the assessment was completed u/s 143(3) / 147 of the Act vide order dated 24.08.2018 assessing the total income at Rs. 55,42,070/-. During the course of assessment proceedings it was noted by the AO that a survey operation u/s 133A of the Act was carried out on 18.06.2015 at the business premises of Chetan Kumar Tekriwal , Bhubaneswar, Odisha by the Directorate of Income Tax (Investigation), Bhubaneswar, Odisha and as per survey report received from the Director of Income Tax (Inv.) , Unit-1(1), Bhubaneswar dated 10.06.2016, Shri Chetan Kumar Tekriwal , the Karta of HUF has taken accommodation entry of Long term capital gain under the guise of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te particulars of income and simply imposed penalty for furnishing inaccurate particular of income. In our opinion, the assessment proceedings are distinct and different from the penalty proceedings. In this case, the AO has only issued show cause notice to the assessee and then proceeded to impose the penalty by ignoring the fact that the assessee has made disclosure of income during survey and has also not contested the issue in appeal. Further we note that AO has passed an order in a very cryptic manner. In our opinion, the addition is only on the basis of admission of the assessee and the AO nowhere demonstrated that the claim of the assessee was either found to be false either during assessment proceedings or during penalty proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing documentary evidence, i.e. (a) Trading of shares was done through broker in a recognized stock exchange. (b) Payment and receipt is through banking channel. (c) Documentary evidence for transactions like contract note, demat statement, and bank statement are enclosed. (d) We offered the loss voluntarily to avoid litigation and requested the Assessing Officer to not initiate penalty proceedings u/s 271(1)(c). (e) We paid the tax due and challan copy is enclosed. (f) No appeal is filed. In addition, the assessee referred to various case laws. These documents have not been held as false either by the ld. Assessing Officer during the assessment proceeding or during penalty proceeding. Therefore, the assessee does not deserve to be visit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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