TMI Blog2019 (2) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... and decide the issue in favour of the assessee. - ITA No.2122/Mum/2017 - - - Dated:- 7-2-2019 - Shri Shamim Yahya, AM And Shri Sandeep Gosain, JM For the Appellant : None For the Respondent : Shri Chaitanya Anjaria ORDER PER SHAMIM YAHYA, A. M.: This appeal by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-2, Thane ( ld.CIT(A) for short) dated 17.06.2016 and pertains to the assessment year (A.Y.) 2010-11, relating to levy of penalty u/s. 271(1)(c) of ₹ 5,10,369/-. 2. The grounds of appeal read as under: 1. The Ld. CIT appeal failed to consider that the appellant had agreed for the addition on the condition that no penalty proceeding shall be initiated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of STCG and claimed the same as exempt being agricultural land. The land under question claimed to have been purchased on 18.01.2008 for ₹ 15 lakhs and the same was sold within span of two years. The assessee claimed to have incurred the brokerage expenses of ₹ 15,0,000/- against purchase of land and ₹ 5,25,000/- against sale of land. The A.O., however, restricted the above expenses @2% of the purchase as well as sale consideration and the balance was disallowed. In addition to the above, the assessee claimed to have incurred stamp duty and expenses of ₹ 3,13,200/- against purchase of land and ₹ 23,50,000/- for construction of wall around the plot and ₹ 1,68,400/- for stamp duty for sale of land. In comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act, 1961, Also during the course of assessment out of total brokerage on purchase of ₹ 1,50,000/- which was supported by stamped voucher was disallowed. The addition of ₹ 1,20,000/- was accepted on the condition that no penalty be initiated u/s 271(l)(c) of the Income-tax Act, 1961. Also during the course of assessment out of total brokerage on sale of ₹ 5,25,000/-which was supported by stamped voucher and paid by A/c payee cheque ₹ 4.02.280/- was disallowed. The addition of ₹ 4,02,280/- was accepted on the condition that no penalty be initiated u/s.27l(l)(c) of the Income-tax Act. 1961. Also during the course oj assessment disallowance of ₹ 74,800/- being gate expenses w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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