2014 (8) TMI 1206

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.... 271(l)(c) of Rs. 29,60,000/- for concealment of income or filing of inaccurate particulars of income without appreciating the facts and circumstances of the case as well as material available on records. 2. The Ld. CIT(A) is in error in failing to appreciate that as per the law the assessee was required to compute its capital gains as mandated by section 50C and doing otherwise showed that inaccurate particulars of income had been filed deliberately. 3. The CIT(A) has erred in law and on facts in deleting the penalty by taking a view that the Revenue has not brought on record any evidence regarding actual receipt of the amount over and above what has been shown as sale consideration by the seller, whereas the provisions o....

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....ut in quantum appeal, CIT(A) has confirmed only two additions being Rs. 67,41,156/- in respect of addition on account of long term capital gain and Rs. 19,30,014/- on account of addition u/s 14A of the Act. In respect of both these additions, the Assessing Officer imposed penalty of Rs. 40 lacs. When the assessee carried the matter in appeal before the CIT(A), the penalty was deleted by CIT(A) and now the Revenue is in appeal before us. Regarding the penalty imposed by Assessing Officer in respect of addition in respect of long term capital gain, the CIT(A) has followed the judgment of Hon'ble Calcutta High Court in the case of Madan Theatres Ltd. (supra). In that case, it was held by Hon'ble Calcutta High Court that when the additi....