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TMI Blog2014 (2) TMI 1251X X X X Extracts X X X X X X X X Extracts X X X X ..... w these advances under the head 'current liability' as advances for commercial space. In our considered view, this conduct of the assessee clearly establishes the concealment of facts and filing of inaccurate particulars. The assessee has concealed the true facts thereby filed inaccurate particulars. Therefore, we do not find any error or infirmity in the findings of the Ld. CIT(A). The penalty u/s. 271(1)(c) is leviable on the facts of the case - Decided against assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... should not be invoked. The objection of the assessee did not find any favour and the AO made the addition of ₹ 18,73,518/- as deemed dividend u/s. 2(22)(e) of the Act. 4. The assessee carried the matter before the Ld. CIT(A) in quantum proceedings but failed to convince the Ld. CIT(A). Going further in appeal, the Tribunal also confirmed the addition though restored the matter back to the files of the AO for recomputation of deemed dividend. On these facts, the AO initiated penalty proceedings and accordingly statutory notices were issued and served upon the assessee. 5. During the penal proceedings also the assessee claimed that the amount received from three companies were nothing but advances against allotment of commercial space ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an undisputed fact that the assessee is a beneficial owner of shares in these companies having 92.5%, 95% and 90% respectively. Now let us consider the facts in the light of the submissions made by the assessee. It is the contention of the assessee that these three companies have paid advances against allotment of commercial space in the second phase of the project. However, facts on record show that on the date of taking these advances, there was no approved plan of phase-II. The assessee could not furnish copy of plan of Phase-II put up for approval before the competent authority. Since no approved plan was available, there cannot be any question of allotting commercial space to these three companies. These facts were very much in the kno ..... X X X X Extracts X X X X X X X X Extracts X X X X
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