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2014 (12) TMI 1178 - AT - Income TaxPenalty u/s 271(1)(c) - Long Term Capital Gain on sale of shares offered by the assessee for tax as ‘Income from other sources” pursuant to a survey action u/s. 133A - Held that:- Held that:- t is an undisputed fact that in the original return of income filed on 12.8.2005, the assessee has returned only ₹ 954,828/-. It is also an undisputed fact that after the survey operation conducted at the premises of the assessee, the assessee agreed for declaring Long Term Capital gains of ₹ 44,83,268/- and ₹ 20,00,000/- on account of gifts received as income from other sources. It is also an undisputed fact that the revised computation of income, the assessee has offered only ₹ 12,00,000/- as gifts and during the course of the assessment proceedings, the assessee further agreed for the addition of ₹ 2,00,000/- out of the balance gift amount. The explanation of the assessee that the amount has been offered to purchase peace of mind and to avoid unnecessary litigation is not a valid reason as per the decision of the Hon’ble Delhi High Court in the case of MAK Data ltd. (2013 (1) TMI 574 - DELHI HIGH COURT ) which has been subsequently confirmed by the Hon’ble Supreme Court [2013 (11) TMI 14 - SUPREME COURT ]. Considering all these facts in totality, we do not find any reason to interfere with the findings of the Ld. CIT(A). - Decided against assessee.
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