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TMI Blog2020 (2) TMI 1693X X X X Extracts X X X X X X X X Extracts X X X X ..... to a conclusion that the assessee has deliberately furnished inaccurate information and details. AR emphasized that the assessee has prima facie vital explanations to submit before the AO in the penalty proceedings and prayed for one more opportunity. We considering the factual aspects and principles of natural justice and further the reasons envisaged by the learned Authorized Representative, consider it appropriate to provide one more opportunity to the assessee to give clarifications and explanations in detail to the AO in the penalty proceedings. Assessee appeal is allowed for statistical purposes. - ITA No. 896/Bang/2019 - - - Dated:- 19-2-2020 - SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of Rs.700 per share which include premium of Rs.690.Hence the AO called for valuation report in respect of shares issued at a premium in accordance with Rule 11 U / 11 U A Since the assessee could not submit the valuation report. The Assessing Officer made addition applying the net value method as per Rule 11 UA (2)(a) of Rs.1,47,75,000 and Assessed total income of Rs.1,52,65,185 and passed the order under Section 143(3) of the Act Dt.8.12.2016. Subsequently, the Assessing Officer initiated penalty proceedings under Section 271(1)(c) of the Act and issued Notice. Whereas the assessee has submitted a letter on 17.1.2017 mentioning that the assessment order passed under Section 143(3) of the Act dt.8.12.2016 was accepted by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee was not provided sufficient opportunity of hearing before the Assessing Officer in the penalty proceedings. The contention of the learned Authorized Representative that the assessee has only submitted explanation with respect to acceptance of addition made by the Assessing Officer in the assessment proceedings under Section 143(3) of the Act dt.8.12.2016. On perusal of the penalty order, we found that the assessee in lieu of the show cause notice issued has filed explanations on 17.01.2017 and mentioned that the addition in order under Section 143(3) of the Act by the Assessing Officer was accepted and paid the taxes. Further, we found that there is no other date of hearing is provided, the assessee has accepted the addition to buy pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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