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2019 (4) TMI 693 - AT - Income TaxPenalty u/s 271(l)(c) - Undisclosed investment in purchase of property - assessee accepted total addition in his hand - CIT(A) was of the opinion that only 1/3rd of the above unaccounted cost of land was relating to the assessee and accordingly, he sustained the penalty 1/3 penalty - HELD THAT:- As seen that in the assessment order, undisclosed investment of ₹ 81.60 lakhs was considered and it is not proper on the part of the CIT(A) to consider only 1/3rd of the amount of ₹ 81.60 lakhs for the levy of penalty. Accordingly, we vacate the findings of the CIT(A) and restore the issue back to his file to consider the entire undisclosed amount of ₹ 81.60 lakhs. It is admitted that these two persons, Shri Davis and Shri Pavunny have not made any payment towards the purchase of the said property and also it was on record that the assessee had accepted the addition of the entire amount in his own hands. Accordingly, we remit this issue to the file of the CIT(A) for fresh consideration and decide the issue in accordance with law after giving opportunity of hearing to the assessee. This ground of appeal of the Revenue is partly allowed for statistical purposes.
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