9911796707
TMI Blog2018 (7) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... (hereinafter called as "the Act"). 2. The assessee has raised the following grounds of appeal. "1. That the learned Assessing Officer has erred in law in his penalty order under section 271(1)(c) dated March 4, 2014 (second round) (relevant page 5) by confirming the penalty on the loan of Rs. two lakhs taken from Barinder Pal Singh, by not mentioning the limb under which he is imposing penalty and liable to be deleted. 2. That the learned Assessing Officer has wrongly imposed penalty under section 271(1)(c) in his second round (by order dated March 4, 2014) on the loan of Rs. two lakhs taken from Sh. Barinder Pal Singh after verifying the date as May 7, 2003 (at page 3, last paragraph) ignoring that the actual date is May 6, 2003 as me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to the loans taken from Sh. Paramjeet Kaur and Sh. Barinder Pal Singh amounting to Rs. two lakhs each as well as the issue related to agriculture income were remanded to the file of the Assessing Officer for decision afresh. Vide order dated December 14, 2009, the learned Assessing Officer again, while making other additions, also made an addition of Rs. two lakhs as a loan from Sh. Barinder Pal Singh which was confirmed by the learned Commissioner of Income-tax (Appeals) in its order dated February 7, 2013. Thereafter the Assessing Officer passed the penalty order on the basis of fresh assessment vide its order dated March 4, 2014 by levying penalty Rs. 2,33,962 on the amount of concealed income of Rs. 4,49,240. Segregation of the con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer for consideration de novo. During the assessment proceedings, it was pleaded verbally as well as by filing a written reply dated December 8, 2009 that Barinder Pal Singh is an agriculturist and owned 22 acres of land and copy of the FARD is already on record with the reply of the assessee dated October 27, 2009. In respect of the addition of Rs. two lakhs which was claimed as loan from Sh. Barinder Pal Singh, it was observed by the learned Commissioner of Income-tax (Appeals) that Sh. Barinder Pal Singh owned 20 acres of land in his name and two acres in the name of his family members. The funds which are given as loan to the assessee were undisputedly raised through a loan taken from bank to the tune of Rs. 1 lakh and from k ..... X X X X Extracts X X X X X X X X Extracts X X X X
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