SHRI PRADIPKUMAR K. PATEL,ANAND vs. THE INCOME TAX OFFICER, WARD-1, ANAND

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ITA 1894/AHD/2014Status: DisposedITAT Ahmedabad22 November 2017AY 2009-105 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal is hearing an appeal against the confirmation of a penalty levied under section 271(1)(c) of the Income Tax Act. The specific details of the penalty and the grounds for its confirmation are not fully elaborated in the provided text.

What were the facts?

The assessee filed a return of income and was selected for scrutiny. During the assessment, it was found that the assessee sold land purchased in 2005 for Rs. 1,05,235/- for Rs. 70 lacs in 2008.

What were the issues?

The primary issue is whether the penalty levied under Section 271(1)(c) for concealment of income or furnishing inaccurate particulars is justified. The assessment officer's findings regarding the land sale are under review.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 143(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD “B” BENCH

Before: Shri Rajpal Yadav & Shri Amarjit Singh

For Appellant: Shri Milan Mehta, A.R
For Respondent: Shri Mudit Nagpal, Sr. D.R, Shri Milan Mehta, A.R

PER : AMARJIT SINGH, ACCOUNTANT MEMBER:-

This assessee’s appeal for A.Y. 2009-10, arises from order of the CIT(A)-I, Baroda dated 03-03-2014, in proceedings under section 271(1)(c) of the Income Tax Act, 1961; in short “the Act”.

2.

The assessee has raised following ground of appeal:- “1. The learned Commissioner of Income Tax (Appeals) - I, Baroda ["the CIT(A)"] erred in fact and in law in confirming the action of Income

I.T.A No. 1894/Ahd/2014 A.Y. 2009-10 Page No 2 tax Officer, Ward-1, Anand ("the AO") in levying penalty of Rs.8,62,043/- u/s 271(1)(c) of the Income Tax Act, 1961 ("the Act").”

3.

The brief fact of the case is as under. In this case, return of income declaring income of Rs. 1,77,940/- was filed on 30th September, 2009. Subsequently, the case was selected under scrutiny by issuing of notice u/s. 143(2) of the act on 20th August, 2010. During the course of assessment proceedings, the assessing officer noticed that assesse has sold a land. The land was purchased on 12th September, 2005 for Rs. 1,05,235/- and was sold on 15th September, 2008 for a sale consideration of Rs. 70 lacs. The assessing officer has obtained information from the sub-

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