TMI Blog2017 (8) TMI 1527X X X X Extracts X X X X X X X X Extracts X X X X ..... to have levied the penalty. We find force into the contention of the assessee that in the penalty proceeding the AO should consider the facts in right perspective. He should come to a specific finding with regard to concealment of income. In the considered view, the explanation as given by the assessee ought to have been considered by the AO, AO should not to have passed penalty order in a mechan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 436/- levied in respect of addition of ₹ 1,10,20,831/-? ii) Whether the Tribunal was justidied in deleting the penalty of ₹ 34,05,436/- without considering the fact that no appeal was filed against the quantum order passed by Assessing Officer? iii) Whether on the facts and circumstances of the case, the finding of the Tribunal is perverse, contrary to the record and untenable in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same as fair market value on the basis of compensation paid by NHAI. He submitted that had the actual sale consideration and deem consideration under section 54C was taken then there have been no profit but loss. He submitted that this addition is patently wrong and it can not be considered as concealed income for which inaccurate particulars have been filed. He submitted that even Section 45( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. So, it is not the case where the assessee has deliberately concealed the material particulars. In support of this Ld. Counsel for the assessee drew our attention to profit and loss account and the details on fixed assets as furnished during the course of assessment proceedings. 4.4. We have heard the rival contention and perused the material available on record, we find merit into t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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