TaxTMI 
TaxTMI 
2018 (1) TMI 854
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....to Rs. 26,71,992/- imposed by the AO? 2. That the order of the Ld.CIT(A) is erroneous and is not tenable on facts and in law. 3. That the grounds of appeal are without prejudice to each other. 4. The appellant craves leave to add, alter, amend or forego any of the grounds of appeal above at the time of the hearing." 2. Brief facts of the case are as under: Assessee is a company and is deriving income from house rent. During the year under consideration assessee filed its return of income on 29/03/09, declaring total income of Rs. 3,57,390/-. The case was processed under section 143 (1) of the Income Tax Act, 1961 (the Act) and it was selected for scrutiny. Notices under section 143 (2) and 142 (1) of the Act wa....
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.... 9.00 Crore out of which the company has paid Rs. 80.00 Lacs to Sh. Anumod Sharma against the settlement of Rs. 15.00 Lacs was received in advance. The company has sold the property for the settlement of the loan of M/s Indo Japan Photo Film Co. Ltd as the property was attached by financial institution being a treated common directors and shareholders of the company. This shows that the facts were examined by the auditors as regards the payment of Rs. 80.00 lacs and of Rs. 43,58,838/- being payment made to the financial institution. In my opinion the details given in the Return were filed based upon the actual payments made by the appellant and consequently the claims were made while calculating the capital gain tax. In my opinion ....
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.... Communications Pvt. Ltd., 327 ITR 51 c. Thakur V. Hari Prasad vs CIT (1987) 167 ITR 603 (AP), d. Union of Indian vs Dharmendra Textile Processors (2008) 166 Taxman 65 SC e. K.P. Madhusudan vs.CIT, 251 ITR 99 By the Assessing officer while levying the penalty has altogether different facts as explained above at length case wise and I after a thorough reading is of the opinion that they do not match with the fact of the case of that of the appellant. 4.8 I also notice from the copies of the Balance Sheet and the Auditor's Report that the company is not doing any business for the past many years because of losses and ill health of directors because of old age and they do not have even a bank ac....
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.... relevant excerpts of which have been reproduced hereinabove. While going through the order passed by Ld. CIT (A) we are of the considered view that the Ld. AO has not made any allegations of assessee for furnishing inaccurate particulars. Additions in fact have been made on account of improvement and transfer expenses incurred for the purposes of the property sold. Assessee has also made certain payments to one Mr.Anumod Sharma towards the dispute in the property sold under a compromise agreement which is a part of records. Further it would not be incorrect to hold that no information given in the return was found to be incorrect by Assessing Officer and disallowance is strictly because of a difference of opinion by Ld. AO. 4.1. In the ....