2020 (8) TMI 466

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..../s. Gurusamy Ramamurthy, the assessee, an HUF filed its return for assessment year 2016-17 on 25.07.2016 admitting the total income at Rs. 2,66,650/-. While making the assessment, the Assessing Officer rejected the assessee's agricultural income claim to the extent of Rs. 10 lakhs for want of details/evidences and completed the assessment, which the assessee itself accepted by its letter dated 04.12.2018. Subsequently, the Assessing Officer issued notice u/s. 247 r.w.s 271(1)(c) of the Act and after considering the assessee's reply, levied penalty u/s. 271(1)(c) of the Act. Aggrieved, the assessee filed appeals against both the orders before the CIT(A). The CIT(A) dismissed the appeals. Aggrieved against those orders, the above appeals were....

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....d that on account of his admission penalty proceedings should not be initiated. Further, when the Assessing Officer required the assessee to showcause for the levy of penalty, the assessee submitted that in order to cooperate with the department, the assessee voluntarily offered additional income on the condition that no penalty proceedings would be initiated. Further, the assessee submitted that he has furnished confirmation letters from the purchaser of Casurina has given the bank details in which the sale proceeds are deposited, all the receipts are through cheque only and therefore, the assessee pleaded that penalty proceedings should be dropped. In spite of it, the Assessing Officer levied the penalty and the Ld. CIT(A) without appreci....