2018 (12) TMI 1994

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For the Assessee : Shri Dhiren Shah, AR. ORDER PER RAJPAL YADAV, JUDICIAL MEMBER: Revenue is in appeal before the Tribunal against order of ld. CIT(A)-3, Ahmedabad dated 27.12.2016 passed for the Asstt. Year 2009-10, by which the ld. CIT(A) has deleted penalty of Rs. 26,39,116/- imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. On receipt of noti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... ld. first Appellate Authority has deleted two additions viz. STCG of Rs. 8,05,292/- and LTCG of Rs. 3,03,33,731/- and confirmed rest of disallowance. Both the Revenue and assessee went in appeal before the ITAT against respective deletion/confirmation of addition made by the ld. CIT(A). In the meanwhile, qua confirmation of addition on account of future and option loss of Rs. 77,64....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... while the ld. counsel for the assessee supported the order of the ld. CIT(A). The ld. counsel for the assessee further submitted that against quantum addition deleted/confirmed by the ld. CIT(A), both the Revenue and assessee preferred appeal before the Tribunal, and the Tribunal ITA No. 2138/Ahd/2012 dismissed the Revenue's appeal and confirmed the order of the ld. CIT(A) in respect of addi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable him, which shall not be less than , but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income and furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of ....