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2012 (5) TMI 392 - ITAT, CHANDIGARHPenalty u/s 271(1)(c) - Exemption u/s 54 - A show cause notice was issued to the assessee after recording the satisfaction to the effect that the assessee had furnished inaccurate particulars of income/concealed its income to explain the said amount - assessee was unable to prove the authenticity of the said iqrarnama before the authorities below as the transaction was executed in cash and the assessee had failed to produce the said seller - it was held that there is nothing on record to establish that the assessee had actually taken possession of the house in question as the backside of page 7 of the paper book revealed that the possession had to be given only at the time of registration, which never took place - The genuineness of the iqrarnama was in doubt and there was no material to establish that possession of the said property was taken over by the assessee and on this point also the assessee could not be held to have fulfilled the conditions of section 54 of the Act - levy of penalty confirmed - Decided against the assessee
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