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TMI Blog2022 (1) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... essee in his quantum appeal is, firstly, aggrieved by the confirmation of addition of Rs. 21,25,000. 3. Briefly stated, the facts of the case are that the assessment proceedings of Shri Sunil Dattatray Angre, brother of the assessee and the appellant in other two appeals, transpired that an immovable property was sold jointly by them on 29.08.2011 for a sum of Rs. 50 lakhs. No capital gain was offered for taxation. The assessee was further found to have purchased a property worth Rs. 50 lakhs on 13.09.2011, which was not declared. As the assessee had not declared any capital gain on the transfer of the land or the source of the purchase of the new property, a notice u/s 148 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant material on record. The appeal was originally fixed for hearing on 07.09.2021 and it was adjourned at the request of assessee for 21.10.2021. On such date, none appeared, the matter was again adjourned for 01.12.2021. Again on 01.12.2021, none appeared and the matter was adjourned for today. Today, again the assessee has chosen to remain un-represented. In such circumstances, we are proceeding to decide the appeal ex-parte qua the assessee on merits. 5. It is seen that the assessee sold a piece of land for Rs. 50 lakhs within period of four months from the date of its purchase at Rs. 7,50,000. The land in question was sold to M/s. Rahul Land Pvt. Ltd. There is no evidence to show that the purchase and sale of the property was with an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason as to how this magical figure of Rs. 75,000 came into being. As such, we order to delete the remaining addition of Rs. 2,25,000. 8. In the result, quantum appeal is partly allowed. 9. In so far as the penalty appeal is concerned, it is seen that the AO imposed penalty of Rs. 14,85,260 on the additions made by him totalling to Rs. 53 lakhs. The ld. CIT(A) sustained the penalty on the amount of quantum additions upheld by him, against which the assessee has come in appeal before the Tribunal. 10. Having heard the ld. DR and gone through the material on record, it is seen that the assessment order in this case was passed ex-parte qua the assessee. The position continued to remain the same even during the penalty proceedings, which re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the hands of the assessee as well as his brother and sustained the addition to the extent of Rs. 21,25,000 towards sale of property. 13. It is seen as also admitted by the ld. DR that the facts and circumstances of the addition are mutatis mutandis similar to those obtaining in the case of the assessee's brother, Sh. Sudhir Angre. While disposing of the said appeal, we have uphold the action of ld. CIT(A) in treating the amount of addition as `Business income', being, profit from an adventure in the nature of trade. Same position is applied herein also. This ground is not allowed. 14. The second ground is against the confirmation of addition of Rs. 46,02,400, being, unexplained cash deposits into the bank account. The AO noticed that vari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we are of the considered opinion that it would be in fitness of things if the impugned order on this score is set aside and the matter is restored to the file of the AO. We order accordingly and direct the AO to decide the issue afresh as per law after affording reasonable opportunity of hearing to the assessee to explain the source of deposits into the bank account and also consider the withdrawals made from the bank account, if any. 16. In the result, the appeal is partly allowed for statistical purposes. 17. The second appeal is against the imposition of penalty u/s 271(1)(c) amounting to Rs. 29,34,692 qua the three additions made by the AO. The ld. CIT(A), however, restricted the penalty to the extent of the additions sustained by him ..... X X X X Extracts X X X X X X X X Extracts X X X X
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