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2013 (5) TMI 76 - ITAT AHMEDABADPenalty u/s. 271(1)(C) - Long Term Capital Gain was calculated - Disallowance of interest expenses - Conealing the income and furnishing inaccurate particulars of income - Held that:- Ld. A.O. specifically held in penalty order as the assessee has furnished "inaccurate of his income and thereby concealing his income to the extent of Rs. 5,47,114/-". The assessee had not filed any reply before the A.O. and the A.O. has not violated the principle of natural justice. There was not ground of appeal before the CIT(A) of violation of principle of natural justice - Thus, the CIT(A) was right in confirming the order - However, in the interest of justice, the assessee is allowed one more opportunity to explain the reasons for not imposing penalty by the A.O - We set aside the order of the A.O - The assessee is directed to make full compliance of the notice of the A.O.
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