2018 (10) TMI 234

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....71(1)(c) of the Income Tax Act, 1961 (In Short "Act"). 2. Briefly stated facts are that the original assessment in this case was completed vide order dated 11. 6. 2017 at a total income at NIL as against the declared loss of Rs. (-) 67, 824/- filed by assessee on 29.3.2006. Later, the assessment was set aside by the Ld. CIT-II, New Delhi vide order u/s. 263 of the Act dated 5. 3. 2010 on the ground that Capital gain on account of sale of land should have been considered for the purpose of calculating book profit u/s. 115JB of the Act. Accordingly, assessment was completed vide order u/s. 143(3)/263 of the I. T. Act, 1961 dated 27. 12. 2010 at a total income of Rs. 43, 33, 780/- u/s. 115JB as against originally assessed for a sum of Rs. 5, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in was not routed through the credit side of profit and loss account and also there was no mention in the notes of accounts in respect of such capital gain. Accordingly, AO held that assessee has concealed the particulars of its income and furnished inaccurate particulars of its income and levied the penalty vide his order dated 21. 12. 2012 passed u/s. 271(1)(c) of the Act. Aggrieved by the penalty order, the assessee appeal before the Ld. CIT(A), who vide his impugned order dated 05. 8. 2015 has enhanced the penalty to Rs. 5, 53, 824/- as against Rs. 2, 76, 912/- levied by the AO. Against the order of the Ld. CIT(A), Assessee is in appeal before the Tribunal. 3. Ld. AR for the assessee submitted that the addition in Book Profit of Rs. 35....