2019 (6) TMI 44

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.... arbitrary, biased, bad in law and facts and circumstances of the case. 2. That the Ld.CIT(A) has grossly erred in confirming the levy of penalty u/s 271(1)(c) of Rs. 7,62,677/- disregarding the explanation of the appellant. 3. That the Ld.CIT(A) has grossly erred in levy of penalty u/s 271(1)(c) as the appellant had neither furnished inaccurate particulars of its income nor concealed its income. 4. Without prejudice to above, the Ld. C1T(A) has grossly in confirming the levy of penalty on an amount of Rs. 31,88,816/- whereas the alleged unexplained amount of deposit was Rs. 27,88,816/- as a figure of deposit of Rs. 1,20,000/- dated 15/01/1998 in bank was wrongly substituted as Rs. 5,20,000/- while levying penalty. 5. That the appel....

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....06, in response to notice u/Sec 148 of the Income Tax Act, 1961 (the Act). Assessment was made u/s 144 on 23.03.2006 at Rs. 27,22,061/-. 2.1. A search was conducted in case of assessee and his family members on 08.11.2001 and information about large number of cash deposits in various Bank accounts maintained by assessee, was unearthed. Consequently, action u/s 148 was initiated by recording reasons to the effect that cash credits amounting to Rs. 25,45.591/- appearing in such account represented unexplained income of assessee. During course of assessment proceedings, assessee failed to comply with statutory notices issued from time to time as a result, assessment was completed based on information available on record. Assessee went in appe....

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.... otherwise present penalty proceedings are not sustainable as all details was filed during original assessment proceedings after which proceedings under section 158 BC of the Act was initiated. He submitted that Ld.CIT (A) while deciding block assessment had opined that addition made on account of unaccounted bank deposits cannot be sustained as above bank accounts were already disclosed by assessee and nothing was unearthed during course of search in respect of same. 5.1. He submitted that Ld.AO thereafter initiated 148 proceedings in which addition was made under section 68/69 of the Act. 5.2. It has been argued by Ld.Counsel that, merely because disallowance has been made, would not ipso facto lead to concealment or filing of inaccurat....