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TMI Blog2022 (1) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... r to the file of the CIT(A) is fortified by the judgment of the Hon'ble Supreme Court in the case of Mohammed Mohatram Farooqui [ 2010 (2) TMI 1122 - SUPREME COURT]. We, therefore, overturn the impugned order on this issue and restore the matter to the file of CIT(A). for taking a fresh decision after deciding the matter in quantum proceedings. Accordingly, the grounds raised by the revenue on this issue are allowed for statistical purposes. - ITA No. 356/H/2021 - - - Dated:- 10-12-2021 - Shri Satbeer Singh Godara, Judicial Member And Shri Laxmi Prasad Sahu, Accountant Member For the Assessee : Shri M.V. Anil Kumar For the Revenue : Smt. Matta Padma ORDER PER L.P. SAHU, A.M.: This appeal filed by the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e course of scrutiny assessment proceedings of the assessee's own case for the AY 2012-13, the AO came to know that the assessee had sold an immovable property for a sale consideration of ₹ 2,86,44,700/-, resulting in taxable income under the head 'Long term capital gains' ( LTCG for short) to the extent of ₹ 2,74,53,961/-. Further, the assessee disclosed the said LTCG of ₹ 2,74,53,961/- in the return of income filed for the A Y 2012 -13 and claimed exemption u/s.54F of the Act. 2.3 However, after verifying the documentary evidence relating to sale of the property, the AO opined that the actual transfer of the said property had taken place in the FY 2010-11 relevant to the impugned AY 2011-12, rather than d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bad. Accordingly, the CIT(A) disposed of the appeals wherein both the appeals were dismissed. 4. Aggrieved by the order of CIT(A), the assessee preferred appeals before the ITAT, Hyderabad and the ITAT remitted the issue back to the file of the CIT(A) vide its order dated 06/08/2021 in ITA Nos. 1657 1658/Hyd/2016 ( a copy is available on record) by observing as under: 5. We have heard the rival submissions and carefully perused the materials on record. On examining the facts of the case, We find merit in the submissions of the Ld. DR. The Ld. CIT (A) had posted the case on four occasions. However, none appeared on behalf of the assessee before the CIT(A) on the dates of hearing. Therefore, the Ld. CIT (A) was left with no other op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that there is any concealment of particulars of income or furnishing inaccurate particulars of income, as the case may be, so as to invoke the provisions of sec.271(1)(c) of the Act. Accordingly, the AO is directed to cancel the penalty levied u/s. 271(1)(c) of the Act, to the extent of ₹ 60,00,000/-. Thus, the grounds of appeal raised by the assessee are allowed. 7. Aggrieved by the order of CIT(A), the revenue is in appeal before the ITAT. 8. We have considered the rival submissions and perused the material on record. It is noticed that the assessee challenged the addition in quantum proceedings before the Tribunal. The Tribunal in ITA Nos. 1657 1658/Hyd/2016 vide its order dated 06/08/2021 set aside the issue to the fil ..... X X X X Extracts X X X X X X X X Extracts X X X X
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