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2011 (3) TMI 606 - AT - Income TaxPenalty - Search and seizure - Capital gain - Part performance of the contract - assessee received the part consideration of Rs. 6 crores on 21-3-2002 on which date the possession of the land was also handed over to the developer - assessee however did not declare any capital gain in respect of the transfer of land in the return of income filed for assessment year 2002-03 on 31-10-2002 - The disclosure of capital gain in assessment year 2006-07 also does not prove the bona fides of the assessee as the said return had been filed after the search had been conducted - In the present case addition has not been made because of disallowance of any claim in the return of income. The addition has been made for not disclosing the income in the return and such addition as we have held earlier amounts to deemed concealment of particulars of income as per Explanation 1 to section 271(1)(c) - Decided against the assessee
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