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2023 (6) TMI 666 - ITAT DELHIValidity of notice proposing levy of penalty - Addition of interest received on land compensation from Noida Authority - notice u/s 148 issued to assess the escapement of income on account of interest on land compensation - revised return in response to 148 proceedings included the escaped income in terms of provision of Section 56(2)(vii) r.w. Section 45A of the Act and 50% of the interest received on compensation was offered for tax - AO treated revised return in response to Section 148 is invalid due to error in e-verification and no ITR-V (acknowledgement of ITR) was sent for verification - HELD THAT:- As the present appeal filed by the assessee in quantum proceedings is infructuous as both assessee and the Revenue are ad idem on taxability of the interest on income compensation from NOIDA Development Authority. Hence, mere initiation of penalty proceedings cannot be challenged unless some formal order on the point has been passed in accordance with law. The assessee may challenge the imposition of penalty if so legally advised at appropriate stage. The present appeal is infructuous in effect and substance and thus dismissed in limine.
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