Ashutosh Das Vs ACIT (ITAT Kolkata)
ITAT Kolkata held that imposition of penalty under section 271(1)(b) of the Income Tax Act justified as no plausible explanation was given by the assessee for non-compliance of notices served by AO.
Facts- The assessee along with three other family members owned a property at Mouza-Khantpukur, Plot No.145 in the territory of Durgapur Municipality, West Bengal. This property was inherited by all these family members after the death of their father. He entered into a Joint Development Agreement vide Registered Deed dated 27.0 1.2015 with M/s. Samridhi Housing Pvt. Limited. AO has observed that fair market value of the said property as on the date of execution of Joint Development Agreement was Rs.2,61,82,546/-. He made the addition of 1/4th of the above value in the hands of assessee under the head “Capital Gain”. Penalty u/s. 271(1)(b) of the Income Tax Act was also imposed.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
Conclusion- Held that respectfully following the order of the Coordinate Bench in the case of other co-sharers, we deem it appropriate to set aside both the impugned orders and restore this issue to the file of ld. Assessing Officer, who will re-adjudicate the issue.
