2022 (7) TMI 56

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.... the assessee is directed against the order of the ld. CIT (Appeals)-12, New Delhi dated 03.05.2019 pertaining to AY 2012-13. 2. The grounds of appeal taken by the assessee read as under:- "1. That the learned CIT (Appeals) has grossly erred by confirming the action of the Assessing Officer of imposing penalty u/s. 271(1)(c) of Income Tax Act. 2. That the learned CIT (Appeals) has further err....

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....against the income which does not form part of total income. Considering the same, I am or the view that the treatment of income from the sale or the hares as short term capital gain by the Assessee was, in j act. not based on the facts of the case. The Assessee had earned dividend income amounting to Rs. 37,43,933/- and no expenditure was debited. The CIT(A) agreed with the Assessing Officer and ....

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....ration. Though the CIT(A) has concurred with the view of the Assessing Officer for making the disallowance of Rs. 5,22,036/-, this aspect has to be kept in view for the purposes of imposing the penalty u/s. 271(1)(c) of the IT Act. Therefore, I direct the Assessing Officer to compute the tax sought to be evaded on the amount of Rs. 1,59,158/- only out of Rs. 5,22,036/-. With the above observations....