2023 (7) TMI 1047

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.... A'bad, confirming penalty of Rs. 48,435/- imposed towards addition of Rs. 13,091/- for interest income and towards addition of Rs. 2,15,471/- for LTCG 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 explanations furnished and the evidence produced by the appellant. 2.1 The Ld. CIT(A) has grievously erred in law and or on facts in confirming the penalty of Rs. 10,95,120/- levied u/s.271(1)(c) in respect of addition towards addition of Rs. 13,091/- for interest income and towards addition of Rs. 2,15,471/- for LTCG. 2.2 That in the facts and circumstances of the case as well as in law,....

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....as 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 respect of capital gain. Therefore, the delay may be condoned as prayed by the Ld. A.R. The Ld. D.R. vehemently oppose the delay. The explanation given by the assessee for condoning the delay appears to be genuine and therefore, the delay is condoned. 6. The Ld. A.R. submitted that the accountant of the assessee was unwell during the period of 2013 and therefore, the accountant of the firm had to finalize the particulars of income of the assessee. The assess....