Penalty upheld under Section 271(1)(c) for bogus purchases; assessee must prove claims in income return

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....The ITAT upheld the AO's imposition of penalty under section 271(1)(c) for bogus purchases, affirming that the onus lies on the assessee to substantiate claims made in the return of income. The CIT(A)'s acceptance of non-compliance as justification for non-submission of details was rejected to prevent setting a detrimental precedent. Given the assessee's failure to furnish necessary particulars during assessment, penalty, and appellate proceedings, the AO's determination of bogus purchases was sustained. Additionally, despite disallowance under section 40(a)(ia) in computation, the assessee did not reflect this in the ITR, justifying penalty imposition. The ITAT relied on precedent emphasizing deterrence against inaccurate returns and reversed the CIT(A)'s deletion of penalty. Consequently, the revenue's appeal was allowed, confirming the penalty levy by the AO.....