2017 (6) TMI 16

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....icer without appreciating the facts of the case. 2. On the fact and circumstances of the case as well as in Law, the Learned CIT(A), erred in confirming the penalty levied u/s 271 (1 )(c) by Learned Assessing Officer without appreciating the fact that non-disclosure of capital gain on the sale of agricultural land under the bonafide belief of its non- taxability. 3. On the fact and circumstances of the case as well as in Law, the Learned CIT(A), erred in confirming the penalty levied u/s 271 (1 )(c) by Learned Assessing Officer without appreciating that a mere rejection of a legal claim which would not amount to furnishing of inaccurate particulars of income. 4. On the fact and circumstances of the case as well as in Law, the Learn....

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....situated within the 2 km. from the Municipality at Pardi. The Assessing Officer confirmed the same from the official website of Census of India that, as per the last census the total population of the Municipality of Pardi was 24,231. After gathering all these facts, AO observed that the assessee has knowingly providing incorrect information regarding capital gain, land, population at Pardi. He was serves with show cause notice on the basis of the facts gathered from land revenue authorities at Pardi, as to why the receipt on sale of land should not be subjected to the capital gain tax. The assessee's representative filed letter saying that the assessee is not staying in Pardi and while filing the return of income for A.Y.2007-08, he was....

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....ing the assessee to appear before the undersigned on 25.11.2011 at 12.30 p.m. Assessee's representative vide his letter dated 21.11.2011 informed that the assessee has filed the appeal' before the Hon'ble IT AT and, therefore, requested to keep the penalty proceedings in abeyance till the disposal of the appeal of the assessee. The Hon'ble ITAT also confirmed the addition made by the Assessing Officer and dismissed the appeal of the assessee. Show cause notice issued to the assessee on 12.02.2013 for his explanation/submission. No reply has been received from the assessee. Hence, A.O. levied a penalty of Rs. 5,80,258/- u/s.271(1)(c). 4. Upon assessee's appeal confirmed the penalty 5. Against above order is in appeal be....