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2014 (3) TMI 17 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Inaccurate particulars furnished - Held that:- The conduct of the assessee demonstrates conscious disregard to his obligation - Payment of resultant taxes, consequent to survey and detection by the Department of the tax liability, does not absolve the assessee from the penal consequences u/s 271(1)(c) of the Act - Assessee has not been filing returns of income since 2002-03, and consequent upon on the survey action on the business premises of the assessee, when the development agreement in question was found, notice u/s 148 was issued to the assessee - assessee has not disclosed the capital gains arising on the transfer of the undivided share of land belong to the assessee - though the exemption u/s 54F has been claimed - the contentions of the assessee as to the debatable nature of taxability of the capital gains in respect of undivided share of land in the year under appeal, as also debatable nature of the computation of exemption under S.54F of the Act, has to be considered as mere afterthoughts. The plea of bona fide view nursed by the assessee about the non-taxability in the year of signing the development agreement also stands defeated in view of the contention as to the existence of two views on these issues - the assessee during the penalty proceedings before the assessing officer has given entirely different reason for the default committed by him, clearly shows that did not come out clean with all the facts and particulars of the income even in the return filed in response to notice u/s 148 of the Income-tax Act, or in the assessment proceedings thereafter, which shows that the assessee has deliberately tried to evade tax on capital gains - It was a clear cut case of concealment by the assessee to evade tax – the penalty levied by the CIT(A) is upheld – Decided against Assessee.
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