TaxTMI 
TaxTMI 
2021 (7) TMI 1187
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.... and processing of rice. The assessee had filed the return of income for the assessment year 2012-13 disclosing total income of Rs. 2,68,820/-. The case was selected for scrutiny under CASS. During the course of assessment proceedings, the AO found that out of total share application money of Rs. 92,00,000/- reflected in the balance sheet, the assessee had introduced share application money of Rs. 30,00,000/-. The AO asked the assessee to explain the details of such share application money of Rs. 30,00/-- with corroborative evidence. Although the assessee furnished the identity of the persons from whom share application money is received but could not furnish substantial documents to verify the genuineness of the transaction and their cred....
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....n ITA No.30 of 2005. Ld A.R. also relied on various judgments of Jurisdictional Tribunal on the following cases: i) Jaiprakash Didwania in ITA No.238 to 240/CTK/2020 ii) Anita Didwania ITA No.241 to 243/CTK/2020 iii) Bina Didwania in ITA No.244 to 247/CTK/2020 iv) Omprakash Didwania in ITA No.248 to 251/CTK/2020 6. On the other hand, the Ld. D.R. relied upon the Orders of the authorities below and submitted that A.O. has recorded proper satisfaction in the impugned orders. Therefore, penalty proceedings need not be cancelled. 7. I have considered the rival submissions and perused the record of the case. It is an admitted fact that before levy of the penalty A.O. has issued show cause notice Dated 31.3.2015, in which A.O. has menti....
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....he upholding of the penalty imposed under Section 271(1) (c) of the Act, which was accepted by the ITAT. It followed the decision of the Karnataka High Court in CIT v. Manjunatha Cotton & Ginning Factory 359 ITR 565 (Kar) and observed that the notice issued by the AO would be bad in law if it did not specify which limb of Section 271(1) (c) the penalty proceedings had been initiated under i.e. whether for concealment of particulars of income or for furnishing of inaccurate particulars of income. The Karnataka High Court had followed the above judgment in the subsequent order in Commissioner of Income Tax v. SSA's Emerald Meadows (2016) 73 Taxman.com 241 (Kar), the appeal against which was dismissed by the Supreme Court of India in SLP No.11....