2017 (8) TMI 1685

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.... 250 on 20.09.2014 for AY 2010-11 by CIT(A)-XI, Abad upholding the penalty of Rs.4,50,383/- levied u/s 271(1)(c) by AO is wholly illegal, unlawful and against the principles of natural justice. 1.2 The ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the impugned penalty. 2.1 The ld. CIT(A) has grievously erred in law and or on facts in confirming the penalty of Rs.4,50,383/- levied u/s 271(1)(c) in respect of addition of Rs.21,39,294/- made towards long term capital gain and receipt of Rs.15,750/- from Astha Buildcon. 2.2 That in the facts and circumstances of the case as well as in law, the ld. ....

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....ing Officer the assessee did not comply with the notices and he imposed a penalty of Rs.4.50,383/- which is equivalent to the tax sought to be evaded. Aggrieved, assessee carried the matter in appeal before the learned CIT(A) but without any success. Assessee is not satisfied and is in further appeal before me. 4. None appeared on behalf of the assessee but I have heard the learned Departmental Representative, perused the material on record and duly considered facts of the case in the light of applicable legal position. 5. Section 48 of the Income Tax Act provides mode of computation of capital gains. This section contemplates that income chargeable under the head "capital gain" shall be computed by deducting from the full value of th....