2022 (1) TMI 121

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....circumstances of the case and in law, the CIT(A) has erred in not confirming the action of the Assessing Officer in imposing penalty u/s.271(1)(c) of the IT Act amounting to Rs. 60,00,000/- The action of the CIT(A) is unjustified, arbitrary and against the facts to the case. 2. In the facts and circumstances of the case and in law, the CIT(A) erred in holding that the disallowance of 54F can't be made for the year under consideration and deleting the penalty ignoring the fact that the said order had been confirmed by the CIT(A), the CIT(A) has to appreciate the penalty levied by the Assessing Officer and confirmed the same. 3. Any other grounds that may be urged during course of appeal hearing before the Hon'ble IT....

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.... sec.147 of the Act. 2.4 The AO, therefore, reopened the assessment for the impugned AY 2011-12, by way of issuing a notice u/s.148 of the Act, dated 19.12.2014, and completed the assessment u/s.143(3) r.w.s. 147 of the Act, dated 26.02.2015. While doing so, the AO determined the total income of the assessee at Rs. 3,03,47,939/-, by assessing the entire amount of the LTCG arising from transfer of the impugned property of Rs. 2,75,66,209/- denying the assessee's claim of exemption u/s.54F of the Act. 2.5 Also, in regard to the AY 2012-13, the AO assessed the same amount of income under the head 'Long term capital gains' arising from the sale of the impugned property and denied exemption u/s. 54F of the Act. As such, the AO ....

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.... the file of Ld. CIT (A) in order to consider the appeals afresh on merits by providing one more opportunity to the assessee of being heard. At the same breath, We also hereby caution the assessee to promptly co-operate before the Ld. CIT (A) in the proceedings failing which the Ld. CIT (A) shall be at liberty to pass appropriate order in accordance with law and merits based on the materials on the record. It is ordered accordingly." 5. In the meanwhile, the AO initiated penalty proceedings u/s 271(1)(c) for AY 2011-12 on the ground that the assessee has concealed the particulars of income under the head long term capital gains of Rs. 2,75,66,209/- and levied a penalty of Rs. 60,00,000/- u/s 271(1)(c). 6. Against the penalty order, th....