TMI Blog2014 (8) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Assessing Officer in respect of addition on account of long term capital gain only. This aspect of penalty is covered in favour of the assessee and hence, respectfully following the judgment of Hon'ble Calcutta High Court in the case of Madan Theatres Ltd.[ 2013 (6) TMI 96 - CALCUTTA HIGH COURT ] we decline to interfere in the order of CIT(A). - Decided in favour of assessee. - ITA No.42/LKW/2014 - - - Dated:- 21-8-2014 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER For the Appellant : Shri Y. P. Srivastava, D. R. For the Respondent : Shri S. K. Jain, C.A., Shri Swarn Singh, C.A. ORDER PER A. K. GARODIA, A.M. This is Revenue s appeal directed against the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with Rule 8D during the assessment proceedings and was not voluntary in nature. 5. The CIT(A) has erred in law and on facts in accepting the argument of inadvertent error failing to appreciate that the assessee is a company that is professionally advised. 6. The order of the CIT (A), Kanpur being erroneous, unjust and bad in law be vacated and the order of the AO be restored. 7. That the appellant craves leave to modify any of the grounds of appeal or take additional ground during the pendency of this appeal. 3. Learned D.R. of the Revenue supported the penalty order whereas Learned A.R. of the assessee supported the order of CIT(A). He also placed reliance on the judgment of Hon'ble Calcutta High Court rendered in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interference is called for in the order of CIT(A) on this issue. 5. Now we find that although CIT(A) has deleted the total penalty imposed by the Assessing Officer of ₹ 40 lacs, as per grounds of appeal filed by the Revenue, the ground raised by the Revenue are in respect of deletion of penalty of ₹ 29.60 lacs. In the penalty order, the Assessing Officer has worked out that in respect of total addition of ₹ 86,71,170/-, minimum penalty imposable is ₹ 26,01,351/- and maximum penalty imposable is ₹ 78,10,053/- and he imposed penalty of ₹ 40 lacs. Out of total addition of ₹ 86.71 lacs, the addition made by Assessing Officer in respect of long term capital gain is ₹ 67.41 lacs which means the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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