2022 (11) TMI 121

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....5,24,915/- and which is against the facts and circumstances of the case. 2. That the Ld. CIT (A) has failed to appreciate the fact that no specific charge either for concealment of income or furnishing of inaccurate particulars of income have been framed before levying the penalty u/s 271(1)(c). 3. That no proper satisfaction has been recorded by the Assessing in the Assessment order for the purposes of initiating penalty u/s 271(1)(c). 4. Notwithstanding the above said fact while the penalty has been initiated for furnishing of inaccurate particulars of income and whereas , the show cause notice have been issued for concealment of income and, as such, the levy of penalty is totally uncalled for and void abinitio.....

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.... file have been reproduced on page 2 of the assessment order. For the sake of ready reference, it is (again) reproduced hereunder. DATE No. OF SHARES RATE AMOUNT PAID EXCESS PAID 19/5 25,000.00 164.00 4,100,000.00 4,100,000.00   20/5 20,000.00 171.90 3,438,000.00 3,500,000.00 62,000.00   36,000.00 176.40 6,350,400.00 6,400,000.00 49,600.00 30/8 19,000.00 245.00 4,655,000.00 4,700,000.00 45,000.00 24/7 38,000.00 126.00 4,788,000.00 5,000,000.00 212,000.00   1,38,000.00   23,331,400.00 23,700,000.00 368,600.00   Total Amount of Share Sold 23,331,400.00   Less amount invested....

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....d disk contained a file (at path D:/M ISC/DELTA LEASING.jpg). Content of this file have been reproduced on page 2 of the assessment order. For the sake of ready reference, it has already been reproduced above. From the above reproduced content is of the file in the impounded hard disk, the AO concluded that the appellant was getting accommodation entries in form of long-term capital gain purportedly earned through purchase and sale of sales of Delta leasing Finance Ltd. by paying a commission of 5% to Shri Prem Arora. Upon asking the explanation of the appellant regarding payment of commission for obtaining accommodation entries in form of above stated long-term capital gain, purportedly earned through purchase and sale of sales of....