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2016 (5) TMI 245 - AT - Income TaxPenalty u/s 271(1)(c) - sale of agriculture land - Held that:- The ld. Authorised Representative argued the grounds against the addition by the Assessing Officer though accepted the addition and also paid taxes. The assessee company is a public limited company and Books of Accounts are Audited under Companies Act and provisions of Income Tax Act. The assessee’s contention that the land is agricultural land cannot be sustained with proof, as reiterated before lower authorities and also filed paper book containing central notification and guideline values and copy of patta and chitta, VAO certificate for census to substantiate that land is agricultural land fall within specified area. The assessee is arguing the penalty proceedings but not quantum appeal were the grounds to substantiate the addition are being argued. On perusal of records and lower authorities order, we find that assessee company was provided adequate opportunity of hearing and they could not substantiate with documentary evidence except relying on the notification and the decisions which the Commissioner of Income Tax (Appeals) has distinguished in his order. Therefore, we find that Commissioner of Income Tax (Appeals) has examined the issue and also explanations of the assessee were dealt. Therefore, we are not inclined to interfere with the order of the Commissioner of Income Tax (Appeals) and uphold the same. - Decided against assessee.
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