2023 (7) TMI 1047

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessee is against the order passed by the Ld. Commissioner of Income Tax (Appeals)-5, (in short "Ld. CIT(A)"), Ahmedabad on 21.06.2017 for A.Y. 2013-14. 2. The grounds of appeal raised by the assessee are as under: "1.1 The order passed u/s. 250 on 21.6.2017 for A.Y.2013-14 by CIT(A)- (5), A'bad, confirming penalty of Rs. 48,435/- imposed towards addition of Rs. 13,091/- for interest inc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... prayed that the penalty of Rs. 48,435/- imposed by AO and upheld by CIT(A) deserves to be deleted." 3. The return of income was filed on 30.09.2013 declaring total income at Rs. 10,81,480/- alongwith tax audit report under Section 44AB of the Income Tax Act, 1961. The return was processed under Section 143(1) of the Act. The case was selected for scrutiny and statutory notices were issued. The A....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ness of amount and therefore, after receiving the order of the CIT(A) the assessee was not aware the penalty order has to be challenged within the stipulated time and therefore, the assessee at that particular juncture did not file the appeal but on 24.01.2019 show cause notice for launching prosecution under Section 276C(1) was issued alleging the default of willfully attempting to evade taxes in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing the long term capital income and interest income. Thus, the Ld. A.R. submitted that the mistake on the part of the accountant cannot be held as a mistake of the assessee and the same should not be treated as furnishing inaccurate particulars of income / concealment of income as the assessee has filed revised return of income with the correct quantification of LTCG and interest income. The Ld. ....