2023 (9) TMI 320

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....eed to decide this appeal by hearing the learned Departmental Representative ('ld.DR' for short) and on perusal of the materials available on record. 3. The solitary ground of appeal raised by the assessee is penalty u/s. 272A(1)(d) of the Act of Rs. 50,000/- levied by the Assessing Officer ('A.O.' for short) and confirmed by the ld. CIT(A). 4. The brief facts are that the assessee is an individual and had filed his return of income dated 29.03.2019, declaring total income at Rs. 6,92,940/-. The assessee's case was selected for scrutiny and the assessment order u/s. 143(3) r.w.s. 143(3A) and 143(3B) of the Act dated 08.04.2021 was passed by the A.O. and the A.O. made an addition of Rs. 49,87,000/- u/s. 68 of the Act on the....

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....ee to explain as to the difference in the stamp duty value and the purchase value. The assessee has been non compliant before the A.O. who then proceeded to make an addition of Rs. 49,87,000/- being the sale consideration u/s. 68 as unexplained credits and initiated penalty proceeding levied u/s. 272A(1)(d) of the Act. The provision of section 272A(1)(d) of the Act is extracted hereunder for ease of ready reference: Penalty for failure to answer questions, sign statements, furnish information, returns or statements, allow inspections, etc. 272A. (1) If any person,- (a) being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by an income-tax authority in the....