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2013 (10) TMI 1179 - HC - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act – Held that:- The appellant filed a return of income disclosing sale of land. Upon scrutiny of the return under Section 143(3) of the Income Tax Act, 1961, it is discovered that the assessee had sold two properties on 30.12.2005 for a consideration of Rs.1,26,04,166/-, allegedly, purchased in 1991 and 1996. After considering the documents on record, the cost of acquisition, vis-a-vis, the appellant, was found to be Rs.70,078/-. The Assessing Officer also found that properties had been purchased on 29.5.1998 and not in the year 1991-92 as claimed by the assessee. The assessee was unable to tender any explanation, thereby inviting additional tax as well as a penalty of 100% as held by Tribunal – Decided against the Assessee.
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