2019 (7) TMI 1881

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.... A.R. For the Respondent : Shri Mudit Nagpal, Sr. D.R. ORDER PER PRADIP KUMAR KEDIA - AM: The captioned appeal has been filed at the instance of the assessee against the order of the Commissioner of Income Tax (Appeals)- 10, Ahmedabad ('CIT(A)' in short), dated 22.01.2018 arising in the penalty order dated 17.03.2016 passed by the Assessing Officer (AO) under s. 271(1 )(c) of the Incom....

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....one of the beneficiaries of such transactions and accordingly the benefit of tax exemption on capital gains arising from transaction carried out through Mahasagar Group was denied to the assessee and the long term capital gain so declared was treated as unexplained income of the assessee under s.68 of the Act as chargeable to income tax. The aforesaid action of AO was also endorsed by co-ordinate ....

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....ed to the assessee. It was also pointed out that it is quite possible that Mr. Mukesh Chokshi has not included the transactions with assessee in his statement at all. 7. At this stage, we bear in mind that incidence of penalty under s. 271(1 )(c) of the Act is not automatic and should not be imposed merely because it is lawful to do. Considering the smallness of the amount involved, we consider....