2022 (11) TMI 121

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....rcumstances 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. 5. That even otherwise on merits of the case, no penalty u/s 2....

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....ference, 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 1,000,000.00   Net Capital Gain/Share Profit 22,331,400.00   Commission Payable @ 5% (2,23,31,400/x5%) 1,116,570.00 ....

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....lready 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 Delta leasing Finance Ltd., the appellant denied payment of any such commission. However, the AO rejected explanation of the appellant and made an addition of Rs.- being amount of commi....