- (1.) This appeal by the Revenue under section 260-A of the Income Tax Act, 1961 [for short 'the Act'] is directed against the order dated 26.11.2008 passed by the Income Tax Appellate Tribunal, Bangalore Bench 'B', in ITA No.567[Bang]/2008 relating to assessment year 2004-05.
(2.) The assessee is an individual and for the assessment year, the assessee had filed return showing some income from disposal of capital assets.
(3.) The controversy relates to valuation of the assets and the Assessing Officer had levied penalty of Rs.8,01,380/- under section 271(1)(c) of the Act insofar as valuation of the capital asset is concerned as the assessee though was aware of the requirement to value the property as per section 50C of the Act, had nevertheless, not followed or complied, but had adopted his own method to value the property. Insofar as levy of penalty is concerned, the assessee had preferred an appeal to the Appellate Commissioner, but the Appellate Commissioner confirmed levy of penalty.;