2025 (8) TMI 372

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....58/2014-15 dated 28.02.2025 arising out of the penalty order passed under section 271(1)(c) of the Income Tax Act, 1961 (in short 'Act') dated 13.03.2023. 2. Brief facts of the case are that, assessee being an individual, a Non-resident Indian, for the A.Y. 2015-16 sold an immovable property situated in Waltair Ward with build-up area of 3980 Sq. feet with undivided share of land of 108 Sq.yards along with two car parking for a sale consideration of Rs. 1,15,00,000/- against Stamp Duty Value of Rs. 1,43,28,000/-. Assessee has not filed his return of income for the impugned assessment year disclosing the capital gains derived from the sale of immovable property. Therefore, re-assessment proceedings were initiated after taking prior approv....

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.... tax ought to be evaded. 3. On being aggrieved by the penalty order, assessee filed an appeal before Ld. CIT(A). Ld. CIT(A) upheld the penalty levied under section 271(1)(c), without reconciling the consequence of the relief granted in the quantum appeal while dismissing the appeal filed by the assessee. 4. On being aggrieved by the order of the Ld. CIT(A), assessee is in appeal before us by raising following grounds of appeal: - "1. The order of the learned Commissioner of Income Tax (Appeals) is contrary to the facts and also the law applicable to the facts of the case. 2. The learned Commissioner of Income Tax (Appeals) is not justified in sustaining the penalty of Rs. 17,66,614 levied by the assessing officer u/s....

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....entative [hereinafter in short "Ld.DR"] submitted that assessee is non-compliant, not filed return of income and hence the capital gains accrued to the assessee shall be considered as concealment of income. She also submitted that the assessee has not filed return of income disclosing the Long-Term Capital Gains / Long-Term Capital Loss from the sale of immovable property. She therefore submitted that the penalty levied by the Ld. AO is justifiable and pleaded for upholding the same. 8. We have heard both the sides and perused the material available on record. It is an admitted and undisputed fact that the assessee has not filed return of income under section 139(1) of the Act but has filed return of income in response to notice und....