2021 (4) TMI 167

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....e assessee was dismissed. The assessee has raised the grounds on the merit as well as on the jurisdiction of the penalty. 2. Brief facts of the case shows that assessee is an Individual. As per the information available the assessee has sold a plot along with three other persons on 1.07.2009 for Rs. 6 crores at Sector 3, Vaishali, Ghaziabad. The share of the assessee was 1/4th. The Assessing Officer was of the view that assessee has earned taxable capital gain. Notice under Section 148 of the Act was issued on 18.04.2013. In response to the notice assessee submitted a return on 27.02.2015 declaring long term capital gain and other interest income at Rs. 1,49,09,772/-. After the examination of the claim of the assessee the ld. Assessing Off....

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....o the ld. DR was heard on the merits as well as on the jurisdictional issue of penalty proceedings. The ld. Sr. DR vehemently supported the orders of the lower authorities. 5. We have carefully considered the rival contentions and also perused the assessment order, penalty order passed by the ld. AO and order of the ld. CIT (Appeals) confirming the penalty. The satisfaction recorded by the ld. AO in the assessment order did not show that he is satisfied on any of the twin charges of concealment or on furnishing of inaccurate particulars of income. The notice issued on 30th March, 2015 placed at page 3 of the paper book clearly shows that none of the twin charges have been struck off by the AO. The penalty order shows that penalty is levied....