2023 (6) TMI 119

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....Tax Act, 1961 (hereinafter referred to as 'the Act') dated 24.06.2019. The assessee has raised the following grounds of appeal:- "1. On the facts and circumstances of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of Assessing Officer in levying penalty of Rs.1,51,020/-u/s 271(1)(c) of the I.T. Act 1961. 2. It is therefore prayed that penalty levied by the Assessing Officer and confirmed by 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. Brief facts of the case are that assessee is an individual and earned income from share of profit from his partnership firm and also engaged in agr....

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....response to show cause notice, assessee filed his reply dated 05.03.2019. In the reply, assessee submitted that he has furnished complete details of agricultural income and expenses and assessee voluntarily agreed and offered Rs.1,57,600/- to buy peace. Similarly, for the addition on account of interest bearing fund, the assessee stated that he voluntarily offered such income and no penalty is leviable. The explanation furnished by the assessee was not accepted by Assessing Officer and he levied the penalty @ 100% sought to be evaded, on both the additions. The Assessing Officer levied the penalty of Rs.1,51,020/-. 4. On further appeal before Ld. CIT(A). The appeal of assessee migrated before NFAC/Ld. CIT(A) where the NFAC/Ld CIT(A) upheld....

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.... No.7224/Mum/2018 dated 07.02.2020 * Sir Shadi Lal Sugar & General Mills Ltd. Vs. CIT [1987] 33 Taxman 460A (SC)/[1987] 168 ITR 705 (SC)/[1987] 64 CTR 199 (SC)[31-07- 1987] 6. On the other hand, Ld. Sr-DR for the Revenue supported the order of lower authorities. The ld SR DR for the revenue submits that the ld CIT(A) has considered all such submissions of the assessee and confirmed the penalty. 7. I have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. I have also deliberated on the case law cited by Ld. AR for the assessee. I find that Assessing Officer during the assessment, made addition on account of agricultural income on the basis of average income of two years a....