2023 (7) TMI 1388

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....e is against the order passed by the Ld. Commissioner of Income Tax (Appeals), (in short "Ld. CIT(A)"), National Faceless Appeal Centre, (in short "NFAC"), Delhi on 13.03.2023 for A.Y. 2011-12. 2. The grounds of appeal raised by the assessee are as under: "1. The learned C.I.T.(Appeals) grossly erred in law and on facts in confirming the penalty of Rs. 42,876/- levied u/s. 271(1)(c) by the lear....

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....on under Section 10(38) for a sum of Rs. 3,80,400/- being Long Term Capital Gain (in short "LTCG") earned by the assessee on the sale of shares of M/s. DEvika Proteins Limited on the ground that they were held by him for more than one year, and thereafter, sold the same through stock exchange enabling him to offer the aforesaid exemption. The Assessing Officer rejected the claim of the assessee on....

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....eturn of income. Therefore, the imposition of penalty under Section 271(1)(c) is not justifiable. 6. The Ld. D.R. relied upon the assessment order, penalty order and the order of the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that in the assessment order itself in Para 4.14 the Assessing Officer noted that the capital gain....