TaxTMI 
TaxTMI 
2024 (12) TMI 192
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....sed in both these appeals are common and the facts are identical, therefore, they were heard together and are being disposed of vide this common order for the sake of convenience and brevity. 2. The grounds of appeal raised are as under: I. I.T.A. No 441/KOL/2024; AY 2007-08: 1. That the Order passed u/s 250 is bad in law as well as on facts of the case. 2. That the Hon'ble CIT(A), NFAC erred in law as well as in facts by confirming the action of the Ld. Assessing Officer in imposing penalty of Rs. 2,84,15,638/- u/s 271(1)(c) of Income Tax Act, 1961 being 100% of the tax sought to be evaded. 3. That the appellant craves to leave, add or amend any of the grounds during the course of appellate procee....
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....15.06.2021 and dismissed the appeal as the assessee failed to pursue the same. Even on merits of the case, the appeal was dismissed as the share premium received was Rs. 190/- on shares of face value of Rs. 10/- and the assessee had failed to prove the genuineness of the share capital introduced during the year. Aggrieved with the order of the Ld. CIT(A), the assessee is in appeal before this Tribunal. 4. Rival contentions have been heard and the submissions made have been examined. During the course of the appeal, the Ld. AR relied upon the decision of Coordinate Bench in the case of M/s. D.K. Industries vs. ITO in ITA No. 1417/KOL/2024 order dated 13.11.2024 reported in 2024 (11) TMI 766-ITAT, Kolkata in support of the claim that since....
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....of the penalty proceeding under the said clause (c).[Para 29] The deeming provision as provided in sub-section (1B) was inserted by the Parliament on account of certain judgments after taking note of the judicial pronouncement. [Para 29] Thus, sub-section (1B) of Section 271 creating a legal fiction deserves to be given full effect. [Para 30] It is settled law that in interpreting a statute, every effort should be made to give effect to each and every word used by the legislature. Presumption is that the legislature inserted every part thereof for a purpose and the legislative intention is that every part of the statute should have effect. A construction which attributes redundancy to the legislature will not be a....
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.... that if an assessee falls within the four corners of the legal fiction created by section 271(1B) and the Explanation 5A and the Assessing Officer has recorded his satisfaction of concealment of particulars of income during the course of assessment proceedings then the penalty proceedings cannot be said to be bad. [Para 36] In the present set of facts the Assessing Officer has noted in the assessment order the concealment of particulars of income by the respondent/assessee. Notices were also directed to be issued as has been observed in the assessment orders. Once, in the assessment order the Assessing Officer has mentioned concealment of particulars of income by the assessee, the notice under section 274 is merely consequential. ....
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....Officer to the respondent assessee to afford him opportunity of hearing for concealment of particulars of income. Details of undisclosed/concealed income have been well mentioned in the assessment order of the respondent assessee and being well aware of it, the respondent assessee made specific submission in penalty proceedings. Thus, essential requirements of section 271(1)(c) read with section 274 have been complied with. [Para 38] When the Assessing Officer had recorded in the assessment order the particulars of concealed income/undisclosed income of the assessee and on that basis initiated penalty proceeding under section 271(1)(c) then consequential notice under section 274 issued by Assessing Officer to the assessee to afford....