TMI Blog2022 (12) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... r before us and adduce any evidence or submission to demonstrate that no case of furnishing of inaccurate particulars is made out, it can be safely concluded that the assessee does not have much to say in the matter in its defence. That being the factual position, we do not find any valid reason to interfere with the decision of the Departmental Authorities. Therefore, we uphold imposition of penalty. Disallowance of depreciation on land - In view of specific directions of Commissioner (Appeals), no interference is called for. Accordingly, we uphold the decision of learned Commissioner (Appeals). Appeal of assessee dismissed. - ITA Nos. 1902 & 1903/Del/2017 - - - Dated:- 16-11-2022 - SHRI G.S. PANNU, HON BLE PRESIDENT AND SHRI S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 30.09.2007 declaring income of Rs. 5,62,40,668/-. In course of assessment proceedings, the Assessing Officer noticed that the assessee has debited an amount of Rs. 60,73,647/- to the profit and loss account towards Swap charges. When called upon to explain, the assessee submitted that the amount was paid through bank towards difference of cost on closure of forward contracts undertaken to minimise the exchange fluctuation risk associated with the realisation of export proceeds. Being of the view that the transaction relating to forward contracts is a purely speculative transaction having no relation with assessee s trading activity, the Assessing Officer disallowed the claim of loss arising out of closure of forward contacts. Further, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny valid explanation furnished by the assessee. 4. Having considered the submissions of the learned Departmental Representative and perused material on record, it is found that in so far as disallowance of part of agricultural income is concerned, the inquiry conducted by the Assessing Officer clearly revealed that the agricultural activity was carried on only in one village over 22.23 acres of land. Based on such inquiry report, the Assessing Officer disallowed 50% of the agricultural income. It is a fact on record that though the assessee contested the disallowance before learned Commissioner (Appeals) however, subsequently, it withdrew the appeals. Thus, the aforesaid facts presupposes that the assessee did not have a strong case on m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leging furnishing of inaccurate particulars of income. While deciding assessee s appeal against imposition of penalty, learned Commissioner (Appeals) sustained the penalty imposed on the addition made treating a part of agricultural income as income from undisclosed source. In respect of penalty imposed on the addition of Rs. 2,46,750/-, he directed the Assessing Officer to examine whether the assessee has claimed the deduction in the return of income and in case it is not so, no penalty should be imposed. 6. We have considered the submissions of learned Departmental Representative and perused material on record. In so far as penalty imposed in respect of agricultural income, our decision in assessment year 2008-09 will apply mutatis mut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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