2013 (10) TMI 1179

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....e challenges order dated 11.6.2013 passed by the Income Tax Appellate Tribunal, Amritsar order dated 24.12.2009 passed by the Commissioner of Income Tax (Appeals), Bathinda, and the assessment order. Counsel for the appellant submits that penalty though reduced by the Income Tax Appellate Tribunal from 300% to 100%, is not leviable as no finding has been recorded that the appellant intended to ev....

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.... on 30.12.2005 for a consideration of Rs.1,26,04,166/-, allegedly, purchased in 1991 and 1996. After considering the documents on record, the cost of acquisition, vis-a-vis, the appellant, was found to be Rs.70,078/-. The Assessing Officer also found that properties had been purchased on 29.5.1998 and not in the year 1991-92 as claimed by the assessee. The assessee was unable to tender any explana....