Shri Raj Kumar Kalwani vs The DCIT, Circle (Intl. Tax), Jaipur

Parties Involved

Facts Summary

Shri Raj Kumar Kalwani, the appellant, filed an appeal against the order of the ld. CIT(A), Delhi-42 dated 28-03-2024 for the assessment year 2021-22. The appeal raised grounds against the levying of a penalty of Rs. 6,07,072/- under section 270A(1) read with section 270(A)(8) of the Act and the non-consideration of evidences and explanations submitted during the hearing. The appellant claimed excess LTC loss amounting to Rs. 15,97,874/- which was denied by the Assessing Officer (AO) and upheld by the ld. CIT(A). The appellant claimed a cost of acquisition of Rs. 3 Crores, stamp duty of Rs 13 Lacs, and registration charges of Rs 61,710/- totaling to Rs 3,13,61,710/- under the head capital gain, but the AO considered only Rs. 3.03 Crores. The appellant did not provide any explanation or supporting documents regarding the excess deduction claimed.…

Legal Issues

• 1. Whether the ld. CIT(A) grossly erred in upholding the order of the DCIT for levying penalty of Rs. 6,07,072/- u/s 270A(1) r.w.s. 270(A)(8) of the Act.
• 2. Whether the ld. CIT(A) grossly erred in not considering evidences and explanation submitted during the course of hearing.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Athoor P.U.Public Servants Cooperative Thrift and Credit Society Limited vs Income Tax Officer, Ward-1, Dindigul

• Suman Devi vs. ITO, Ward 36 (1), Delhi

  Delhi bench

• Dhruva Goel vs. DCIT

  F Bench, New Delhi benchAY 2015-16Allowed

• State Bank of India vs. ACIT

  Mumbai bench

• Rajeev Kumar Mittal Vs. Income Tax Officer, Ward-1, Hisar

  Delhi Bench benchAY 2018-19Allowed

• Harish Vitthalrao Kale vs. Income Tax Officer, Nashik

  Pune bench