2020 (8) TMI 36

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....R SHRI S. S. GODARA: This assessee's appeal for assessment year 2015-16 arises against the Commissioner of Income Tax (A), Siliguri dated 29.05.2019 passed in Case No.10/CIT(A)/SLG/2018-19 involving proceedings u/s 271(1)(c) of the Income Tax Act, 1961[in short 'the Act']. Heard both the parties. Case file perused. 2. The assessee's sole substantive grievance canvassed in the instant lis ....

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.... 322 ITR 158 (SC) has settled the law that quantum and penalty proceedings stand on different footing and each and every disallowance/addition in the former does not ipso facto attract the latter penal provision. We keep in mind the very distinction and notice that the assessee has filed all the relevant supporting evidence in support of genuineness of this above-stated long-term capital gains der....