2024 (9) TMI 211

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....ear 2018-19 u/s. 153C of the Income Tax Act, 1961 (hereinafter the 'Act'), vide order dated 21.09.2021. 2. The grounds of appeal raised by the assessee are as under: "The Assessee accepted the disallowance of 30% on indexed cost of development expenses and honestly paid the tax demanded Rs. 5,63,474/- as accepted during the Assessment proceedings. The Assessee had no deliberate intention of misreporting of income, so as to invoke the provisions of Section 270A of the Income Tax Act, 1961. Hence, the act of Assessing Officer imposing penalty is not justified. Further to above, the Assessee preferred appeal to the CIT appeals for justice. On the other hand, the appeal was dismissed citing that the claim of expenditure is not substantia....

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.... payable on under reported of income of Rs. 16,63,384/-. Aggrieved with the penalty order dated 16.02.2022 the assessee filed appeal before Ld. CIT(A), Chennai-20. After going through the reply filed and also case laws relied by the assessee, the Ld. CIT(A) confirmed the order of the A.O of levying penalty at 200% i.e., 7,88,112/- u/s. 270A of the Act, 4. Aggrieved by the order of the Ld. CIT(A), Chennai-20, the assessee is before us. 5. The Ld. AR has submitted the total expenditure incurred for development of housing plots was Rs. 55,44,614/- and the A.O has disallowed an estimated 30% of the expenditure due to not furnishing of few vouchers which the assessee was misplaced and could not furnish at the time of assessment proceedings and....