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2014 (6) TMI 700 - AT - Income TaxLevy of penalty u/s 271(1)(c) of the Act LTCG on sale of flat Failure to furnish accurate details - Held that:- The assessee had shown the indexed cost at Rs. 7. 36 lakhs, during the assessment proceedings before the AO, he revised the claim of indexation and same was rejected by the AO - the revision of indexation claim was one of the arguments taken by the assessee during the assessment proceedings - During the assessment proceedings, assessee can plead various things the contentions cannot be compared with filing of inaccurate particulars or concealing the particulars of income - the disallowance/addition of any amount during the assessment proceeding they are confirmed by the appellate authorities do not justify the automatic levy of penalty - Penalty proceedings are totally different from the assessment proceeding though they are directly related with the assessment - assessee had requested to take on record hire claim of indexation the assessee had not furnished inaccurate particulars or had concealed his income thus, the order of the FAA is reversed Decided in favour of Assessee.
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