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2014 (8) TMI 1206 - AT - Income TaxPenalty u/s 271(1)(c) - addition of capital gain AND on account of addition u/s 14A - addition made u/s 50C - CIT-A deleted the penalty - HELD THAT:- As per grounds of appeal, the Revenue is disputing only in respect of deletion of penalty imposed by the Assessing Officer for addition made u/s 50C although in ground No. 4, the Revenue is stating that this penalty of ₹ 29.60 lacs also included penalty in respect of disallowance u/s 14A. But in our considered opinion, since the penalty imposable in respect of long term capital gain is around ₹ 31 lacs, it has to be accepted that the Revenue is disputing the deletion of penalty imposed by the Assessing Officer in respect of addition on account of long term capital gain only. This aspect of penalty is covered in favour of the assessee and hence, respectfully following the judgment of Hon'ble Calcutta High Court in the case of Madan Theatres Ltd.[2013 (6) TMI 96 - CALCUTTA HIGH COURT] we decline to interfere in the order of CIT(A). - Decided in favour of assessee.
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