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2012 (12) TMI 62 - AT - Income TaxPenalty u/s. 271(1)(c) of the Act – capital gain – Held that:- Assessee had shown Short Term Capital Gain on sale of one flat and also showed advances of Rs. 7,00,000/- against sale of another flat - assessee entered into an agreement with M/s. Celica Investment & Trading Co. Pvt. Ltd. (herein after referred as Celica) and surrendered its tenancy right. In lieu thereof the assessee got from M/s. Celica in the form of 8 flats admeasuring 4055 Sq. ft - it was a Long Term Capital Gain on transfer of tenancy rights - assessee initially contended that tenancy right was surrendered in assessment year 1994-95 but it was held by Tribunal on the basis of the fact that surrender of tenancy had taken place in assessment year 2001-02 and accordingly, Long Term Capital Gain has arisen to assessee in the assessment year 2001-02 - there was concealment of particulars of income by assessee to the extent of Long Term Capital Gain – penalty upheld Limitation - Held that:- Penalty proceedings has been initiated by AO on the basis of fresh assessment order dt. 21.12.2009. The assessee has not disputed said fresh assessment order in any appeal. Hence, penalty proceedings as per clause (c) of Sec. 275(1) of the Act could be passed on or before 30.6.2010. Since penalty order is passed on 25.6.2010, it is well within time as provided u/s. 275 of the Act.
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