Penalty u/s 271(1)(c) Justified for Concealment via Bogus Share Capital: ITAT Delhi

UGS Finance Pvt. Ltd. Vs DCIT (ITAT Delhi) ITAT Delhi held that concealment of income via bogus share capital transaction duly attracts levy of penalty under section 271(1)(c) of the Income Tax Act. Accordingly, appeal of assessee dismissed and penalty upheld. Facts- The solitary issue involved in the present appeal is levy of penalty u/s 271(1)(c) of the Act for concealment of income/ furnishing of inaccurate particulars of such income. The orders of the authorities below reveal that the penalty was levied on account of addition made to the income of the assessee in quantum proceedings of sha...