Shri Pradipkumar K. Patel, Anand vs ITO | ITAT Ahmedabad 2017

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”.

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").”

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-

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