TaxTMI 
TaxTMI 
2025 (2) TMI 1885
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....l order dated 29.07.2024 without considering the written submission of the appellant submitted on 13.07.2024 on portal. 2. That in view of the written submission and High Court and ITAT judgments, the impugned penalty of Rs. 2,97,329/- imposed by the AO u/s. 271(1)(c) is bad in law and deserves to be deleted since penalty was imposed on the basis of addition made under deeming provision of section 50C of IT Act. 3. That the appellant prays to add or alter any ground of appeal at or before the time of hearing. 2. The Brief facts of the case are that the assessee individual filed her return of income on 24.12.2007 declaring total income at Rs. (-) 59,360/-. An information received from the office of the CIT, CIB that the ....
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....e the Ld. CIT (A), who in turn confirmed the order of the AO. The assessee being further aggrieved preferred the present appeal before us. We have gone through the order of the AO, order of the Ld. CIT(A) and submissions of the assessee alongwith the grounds taken before us. It is observed that the order of the Ld. CIT(A) was passed Ex-Parte on the ground that on designated dates, i.e. 29.01.2021, 21.06.2024 and 19.07.2024, the appellant neither responded nor any adjournment was sought. We have gone through the paper book submitted by the assessee, which confirms that the assessee duly responded on due dates vide dated: 29.01.2021, 19.04.2021 and 13.07.2024. 5. We found that the assessee submitted her submission well before the Ld. CIT(A....
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....ses referred to in clause (c)or clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or fringe benefits or the furnishing of inaccurate particulars of such income or fringe benefits. Explanation 1. -Where in respect of any facts material to the computation of the total income of any person under this Act, - (A) such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals)or the Principal Commissioner or Commissioner] to be false, or ....
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....the Stamp Valuation Authority. Therefore, we do not see any reason for taking a different view as adopted by the Co-ordinate Benches of this Hon'ble Tribunal, at the Hon'ble Calcutta High Court in the case of CIT vs. Madan Theatres Ltd. We therefore direct the Assessing Officer to delete the penalty." Renu Hingorani vs. ACIT, ITA No. 2210/MUM/2010 "8. We have considered the rival contentions and relevant record. We find that the AO had made addition of Rs. 9,00,824/- being difference between the sale consideration as per sale agreement and the valuation made by the Stamp Valuation Authority. Thus, the addition has been made by the AO by applying the provisions of section 50C of the Act. It is evident from the asses....