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Income Tax Appellate Tribunal, “B” BENCH, KOLKATA
Before: SHRI RAJESH KUMAR, AM & SHRI PRADIP KUMAR CHOUBEY, JM
These are appeals preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 05.03.2024 for the AY 2020-21.
The assessee challenged the order passed by ld. CIT (A) confirming the addition of ₹21,39,375/- as made u/s 56(2)(X) of the Act by the ld. AO being difference between the purchase price of land and valuation as per stamp duty authority valuation.
At the outset, we note that the proceeding before both the lower authorities have attained finality, ex-parte when the assessee failed to 943/KOL/2024
The assessee has challenged the appellate order confirming the imposition of penalty of ₹3,37,742/- u/s 270A of the Act.
We note that this penalty has been initiated in reference to ex-parte order passed u/s 144 of the Act in which has been restored by us to the file of the ld. AO for denovo adjudication supra. Accordingly, this appeal of the assessee is also restored to the file of the ld. AO for fresh adjudication.
In the result, both the appeals are allowed for statistical purposes
Order pronounced in the open court on 16.12.2024.