Case Number: ITA 5184/DEL/2019
Appellant: Shri Vijay Kumar Ghelani, New Delhi
Respondent: ITO Ward-47(1), New Delhi
Assessment Year: 2009-10
Order Type: Final Tribunal Order
Date of Order: September 18, 2023
Case Filed on: June 6, 2019
Pronounced on: September 18, 2023
The case revolves around a penalty levied due to a discrepancy in the capital gains calculation following the sale of immovable property by Shri Vijay Kumar Ghelani. Initially, the Income Tax Officer (ITO) had calculated the capital gains based on the circle rate rather than the actual sale price reported by the appellant, leading to a penalty of Rs.15,52,470.
The appellant challenged the penalty at the CIT(A) level, which resulted in the sale proceeds being adjusted to Rs. 80 lacs, as opposed to the circle rate of Rs.10756000, but the penalty was still imposed. The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal, directing the AO to re-compute the penalty considering the adjusted sale proceeds.
This decision highlights the tribunal’s approach to ensuring that penalties are aligned with the actual data presented and verified during assessments. The case was decided exparte due to the appellant’s absence during hearings, demonstrating the importance of appearing in tribunal proceedings.
ITA 5184/DEL/2019: Resolution of Tax Penalty Dispute for AY 2009-10
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