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2013 (6) TMI 667 - ITAT AHMEDABADAddition towards LTCG on sale of house property - Penalty u/s 271(1)(c) - Held that:- It is an undisputed fact that the assessee had received Rs. 34,11,000/- on the sale of property & assessee out of the total cost of Rs.16.70 lacs incurred for acquiring the property, the assessee had paid only Rs.7,97,500/- and the remaining amount was paid by Shri Jagdish Khurana. In the audited balance sheet of the assessee for F.Y. 2003-04 it is seen that the assessee had shown investments in Sweet Co.Op. Housing Society of Rs. 8,12,500/-. Assessee also has placed on record the copy of computation of income for A.Y. 2006-07 of Shri Jagdish Khurana wherein the long term capital gain on sale of property has been disclosed by him. As the Revenue has not brought on record any material to prove that the assessee was the sole owner of the property it is also a fact that Mr. Khurana, the co-owner of the property, has offered his share of capital gains in the return of income for A.Y. 2006-07. However there is nothing on record to show as to how the profit on sale of aforesaid property has been treated in the hands of Shri Jagdish Khurana while finalizing his assessment. Thus the entire capital gains cannot be taxed in the hands of assessee ,therefore this aspect needs examination at the end of AO. As the addition itself has been deleted the penalty does not survive. In favour of assessee.
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