2022 (1) TMI 935

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....he Ld. CIT(A) has upheld the levy of penalty imposed u/s. 271(1)(c) of the Income Tax Act, 1961 (in short 'the Act') to the tune of Rs. 2,20,797/-. 2. At the outset, the Ld. Authorised Representative (AR) submitted that there was a delay of 09 days in filing the captioned appeal. It has been submitted in the Delay Condonation Application as well as in the Affidavit, which has been enclosed along with the Delay Condonation Application, that the appeal could not be filed within the time as the impugned order and the related papers had been misplaced by the assessee. It was prayed that in the interest of justice, the delay may kindly be condoned and the appeal be admitted for regular hearing. 3. Per contra, the Ld. Sr. DR opposed the....

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....hat the Ld. Commissioner of Income Tax (Appeals)-1, Ludhiana has erred in confirming the levy of penalty u/s. 271(1)(c) to the tune of Rs. 2,20,797/- as levied by the Assessing Officer, which is against the facts and circumstances of the case. 2. That the CIT(A) has failed to consider the fact that this is a bonafdie typographical mistake having occurred in the office of Tax Consultant of the assessee and, thus, there is no deliberate attempt on the part of the assessee to furnish inaccurate particulars of income. 3. That the Ld. CIT(A) has failed to consider the fact that as per the binding judgment of Hon'ble Punjab & Haryana High Court in the case of Inspecting Assistant Commissioner Vs. Manoj Ahuja 150 ITR 696, wherein, it has b....

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....ted one plot to his son which was considered as a transfer and shown under the head 'capital gain' which resulted in the assessee's claiming Long Term Capital loss of Rs. 7,14,554/- in the return of income. Since the assessee had also earned Long Term Capital Gain amounting to Rs. 9,24,839/- during the year under consideration, as a result of the impugned Long Term Capital Loss, the Long Term Capital Gain came to be reduced by the amount of capital loss so wrongly claimed. The mistake was noticed by the Assessing officer during the course of assessment proceedings and on being confronted on the issue, the assessee surrendered the Long Term Capital Loss. We have also gone through the computation of income filed by the assessee an....