2022 (5) TMI 296

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....ll as law on the subject, the learned Commissioner of Income Tax (Appeals) has erred in confirming the action of assessing officer ion levying penalty of Rs. 6,13,500/- u/s 271(1)(c) of the I.T. Act, 1961, on addition of Rs. 23,09,710/- on account of capital gain and income from other sources being compulsory acquisition of land. 2. It is therefore, prayed that the above penalty levied by the assessing officer and confirmed by the CIT(A) may please be deleted. 3. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 2. Facts as extracted from the orders of the lower authorities are that the land of aforesaid individual assessee was acquired by Special Land Acquisition Off....

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....ned only on estimation basis. The penalty in lead case of Ambaben J Patel has also been deleted. Thus, the grounds of appeal raised by him in this appeal are covered. The ld AR for the assessee further submits that in other penalty appeals under section 271(1)(c), all penalty has been deleted vide order dated 26.04.2022. 4. On the other hand, the learned DR for the revenue supported the order of assessing officer and ld CIT(A). 5. We have considered the rival submissions of the parties and have gone through the orders of the lower authorities carefully in quantum assessment as well as in penalty matter. We find that against various additions made in the assessment, the assessee(s) filed appeal before Ld. CIT(A). The Ld. CIT(A) in quantum ....