Return under sec.153A filed withdrawing LTCG claimed u\/s.10(38). Search Assessment Order passed u\/s.153A r.w.s. 143(3) in November, 2017 assessing the entire sale proceeds of listed shares u\/s.68 thereby, in effect, making an addition of the purchase price to the returned income. Penalty u\/s.271(1)(c) initiated separately. Assessee filed appeal against the addition of purchase price only and charging of interest u\/s.234A etc. due to delay in filing of return for the reason of belated supply of seized material. Penalty Proceedings u\/s.271(1)(c) kept in abeyance by A.O. Appeal of the assessee partly allowed in respect of purchase price by CIT(A) in July, 2018 but interest was held to be mandatorily chargeable. Assessee filed an appeal before the ITAT in respect of interest only. In term of VSV, the assessee wants to avail of the DTVsV. What would be the fate of penalty proceedings u\/s.271(1)(c) after DTVsV [though no appeal had been filed against penalty element on LTCG declared in return u\/s.153A and the addition on account of purchase price deleted by CIT(A)]??<\/p>\n","protected":false},"excerpt":{"rendered":"
Return under sec.153A filed withdrawing LTCG claimed u\/s.10(38). Search Assessment Order passed u\/s.153A r.w.s. 143(3) in November, 2017 assessing the entire sale proceeds of listed shares u\/s.68 thereby, in effect, making an addition of the purchase price to the returned income. Penalty u\/s.271(1)(c) initiated separately. Assessee filed appeal against the addition of purchase price only and charging of interest u\/s.234A etc. due to delay in filing of return for the reason of belated supply of seized material. Penalty Proceedings u\/s.271(1)(c) kept in abeyance by A.O. Appeal of the assessee partly allowed in respect of purchase price by CIT(A) in July, 2018 but interest was held to be mandatorily chargeable. Assessee filed an appeal before the ITAT in respect of interest only. In term of VSV, the assessee wants to avail of the DTVsV. What would be the fate of penalty proceedings u\/s.271(1)(c) after DTVsV [though no appeal had been filed against penalty element on LTCG declared in return u\/s.153A and the addition on account of purchase price deleted by CIT(A)]??<\/p>\n