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2016 (4) TMI 458 - AT - Income TaxPenalty levied u/s 271(1)(c) - assessee claiming benefit u/s 54 - Held that:- In the present case, in our opinion the assessee has neither concealed his income nor has furnished inaccurate particulars of income. The assessee had disclosed all and furnished the particulars with regard to the said sale of property in the return of income and also declared capital gain after claiming benefit u/s 54 of the Act in respect of flat at Rameshwar Co-Op.Hsg Soc, Santa Cruz (W), Mumbai besides claiming the expenditures on transfer of property and declared long term capital gains for taxation. Besides, the security deposit which was treated as part of sales consideration was refunded to the builder upon handing over of the 1800 sq.ft. flats on first floor of the new property in three installments as agreed. Thus under these facts we are of the considered opinion that the assessee has not furnished any inaccurate particulars of income and order of ld.CIT(A) upholding the penalty u/s 271(1)(c) of the Act cannot be sustained - Decided in favour of assessee
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