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2010 (8) TMI 651 - AT - Income TaxPenalty – Exemption u/s 54 - It is fundamental that both the cases of concealment of income or furnishing of inaccurate particulars of income, eventually lead to evasion of tax, which is intended to be curbed by the penalty provision - It is noticed that both the assessees claimed exemption under section 54 on the ground that they had invested a sum of Rs. 2,25,00,000 each with Sapphire for the purchase of flats for residential purposes – Sapphire is is a closely held company fully controlled by the assessee and his family members - It is interesting to note that but for these two assessees, no other party had booked the flat in such proposed building - The mala fide intention was existing ab initio for lodging a false claim of exemption towards purchase of flats, which was, in fact, never intended - In the result, both the appeals are allowed
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