2019 (2) TMI 356

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..... by the assessee and is directed against the order of the ld. Commissioner of Income Tax (Appeals) - 9, Kolkata (hereinafter the 'ld. CIT (A)') dated 05/09/2017, wherein penalty levied u/s 271(1)(c) of the Act was confirmed. 2. None appeared on behalf of the assessee despite issuance of notice. Under the circumstances, we dispose off the appeal ex parte qua the assessee after hearing the ld. Depa .....

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..... sment is completed. The valuation as per ADSR as obtained by the Valuation Authority, Chandannagar, Hooghly was not referred to the valuation cell. Under these circumstances, we are of the considered opinion that no penalty can be levied u/s 271(1)(c) of the Act. The assessee has furnished a reasonable explanation. The Assessing Officer has not based the addition after obtaining valuation report .....

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