2021 (10) TMI 549

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....alf of the assessee. The notice sent to the assessee had returned unserved. Since, it is an old appeal, we proceeded to dispose of this appeal on hearing the ld. DR and perused the materials available on record. 3. The only issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in confirming the levy of penalty u/s. 271(1)(c) of the Act in the facts and circumstances of the instant case. 4. We have heard ld. DR and perused the materials available on record. We find that the return of income for the A.Y. 2006-07 was filed by the assessee on 06/07/2006 declaring total income of Rs. 1,50,049/-. The ld. AO observed that assessee is deriving income from other sources. The assessee was asked to furnish bank summary....

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....M/s. Brightsun Merchants Pvt. Ltd., observed that the scrip treated by the assessee had been categorised as "penny stock" and investigations of Kolkata Investigation Wing revealed that Shri Sanju Kabra (broker) had been involved in manipulation of share prices. The addition made by the ld. AO in the quantum proceedings was upheld by the ld. CIT(A) vide order dated 28/03/2011. It was pointed out that assessee had furnished purchase and sale bills/contract notes, bank statements, brokers confirmations, books of accounts etc., to establish that the share transaction was genuine and bona fide, hence, there cannot be any allegation of concealment of particulars of income or furnishing inaccurate particulars of income on the part of the assessee.....