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Income Tax Appellate Tribunal, RANCHI, ‘E’COURT,AT KOLKATA
Before: SHRI S.S. GODARA, JM &DR. A.L.SAINI, AM
आदेश / O R D E R Per Bench (Oral):
This assessee’s appeal for assessment year 2014-15 is directed against the CIT(A)-Ranchi’s order dated 27/11/2018 passed in case no. CIT(A), Ranchi/10061/2017-18 involving penalty proceedings u/s 271(1)(c ) of the Income Tax Act, 1961 ( in short the ‘Act’).
Case called twice. None appeared at the assessee’s behest. She is accordingly proceeded as ex parte.
With the able assistance of ld. Sr. DR, we notice from a perusal of AO’s penalty order dated 29.06.2017 that he has levied the impugned penalty of Rs. 2,95,610/- in the ground that the assessee had declared actual sale consideration of Rs. 1,40,000/- as against that stamp value for purpose of registration to the tune of Rs.
Tara Devi A.Y. 2014-15 15.75 lakh. There is no indication in either of the lower authorities’ order that the said sale deed involved on money or cash as transaction since it is a case of stamp value adopted for the purpose of registration only. We hold in view of this clinching aspect it is neither a case of concealment nor that of furnishing inadequate particulars of income u/s 271(1)(c ) of the Act. This penalty is directed to be deleted therefore.
In the result, the assessee’s appeal is allowed.
Order pronounced in the Court on 31.07.2020