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2010 (12) TMI 795 - AT - Income TaxPenalty u/s 271(1)(c) - Concealment of income - The assessee sold two flats - The sale consideration for the two flats is concerned the same was more than the value for Stamp valuation - The AO asked the assessee to show cause as to why this difference should not be disallowed and added back to the total income of the assessee - The assessment order that the AO has not questioned the actual consideration received by the assessee but the addition is made purely on the basis of deeming provisions of the Income Tax Act , 1961 - The AO has not given any finding that the actual sale consideration is more than the sale consideration admitted and mentioned in the sale agreement - Thus it does not amount to concealment of income or furnishing inaccurate particulars of income - The assessee has furnished al l the relevant facts, documents/material including the sale agreement and the AO has not doubted the genuineness and validity of the documents produced before him and the sale consideration received by the assessee - It cannot be said that the assessee has not furnished correct particulars of income - Merely because the assessee agreed for addition on the basis of valuation made by the Stamp Valuation Authority would not be a conclusive proof that the sale consideration as per this agreement was incorrect and wrong - Hence the addition because of the deeming provisions does not ipso facto attract the penalty u/s 271(1) (c )- The appeal of the assessee is al lowed.
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