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TMI Blog2022 (7) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee is directed against the order of the ld. CIT (Appeals)-12, New Delhi dated 03.05.2019 pertaining to AY 2012-13. 2. The grounds of appeal taken by the assessee read as under:- "1. That the learned CIT (Appeals) has grossly erred by confirming the action of the Assessing Officer of imposing penalty u/s. 271(1)(c) of Income Tax Act. 2. That the learned CIT (Appeals) has further er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the income which does not form part of total income. Considering the same, I am or the view that the treatment of income from the sale or the hares as short term capital gain by the Assessee was, in j act. not based on the facts of the case. The Assessee had earned dividend income amounting to Rs. 37,43,933/- and no expenditure was debited. The CIT(A) agreed with the Assessing Officer and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration. Though the CIT(A) has concurred with the view of the Assessing Officer for making the disallowance of Rs. 5,22,036/-, this aspect has to be kept in view for the purposes of imposing the penalty u/s. 271(1)(c) of the IT Act. Therefore, I direct the Assessing Officer to compute the tax sought to be evaded on the amount of Rs. 1,59,158/- only out of Rs. 5,22,036/-. With the above observation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liance Petro Products Pvt. Ltd. - 322 ITR 158 (S.C.). In our considered opinion, assessee's claim as aforesaid cannot be said to be ex-facie bogus. Hence, the ratio of Hon'ble Supreme Court in the case of Reliance Petro Products Pvt. Ltd. (supra) is fully applicable. Following the precedent, we set aside the orders of authorities below and decide the issue in favour of assessee. 7. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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