TaxTMI 
TaxTMI 
2019 (5) TMI 107
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....f facts of the case are that the assessee has filed her return of income for the Asstt.Year 2008-09 on 30.7.2008 declaring total income at Rs. 13,94,510/-. In this return of income the assessee has included a sum of Rs. 10,19,405/- as short term capital gain. The case of the assessee was selected for scrutiny assessment. The ld.AO has observed that this short term capital gain was shown by the assessee on purchase and sale of shares and these transactions were entered through M/s.Mahasagar Securities P.Ltd. The said Mahsasagar Securities has been claimed to be sub-broker of NSE and transaction rooted through them were found to be bogus. Hence, the AO did not accept the claim of short term capital gain. He made addition on account of unexpla....
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....accurate particulars of income. He ultimately imposed penalty of Rs. 3,15,000/- on this addition. Appeal to the CIT(A) did not bring any relief to the assessee. 5. In principle, the ld.counsel for the assessee did not dispute for visiting the assessee with penalty, but contended that as per sub-clause (iii) of section 271(1)(c) of the Act, penalty would be computed on the amount which is added to the income of the assessee. The assessee has already included a sum of Rs. 10,19,405/- under different head i.e. "short term capital gain". The AO has only changed the head from short term capital to unexplained cash credit. Now, how this total amount on which the assessee has already paid taxes under the head short term capital gain can be consid....
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....nbsp; ** ** ** ** (iii) in the cases referred to in Clause (c) or Clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefit the furn....