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2016 (4) TMI 851 - AT - Income TaxPenalty u/s 271(1)(c) - unexplained investment under section 69 - Held that:- From the facts of the case it is apparent that the assessee has agreed to purchase the land at ₹ 1,28,86,000/- as per sale agreement dated 15.03.2004. Subsequently, in the sale deed only ₹ 49,53,978/- is mentioned as the sale consideration. The assessee has explained before the Revenue that the difference between the amount ie., as per the sale agreement and the registered deed, was due to certain considerations for future commitments such as to assist the assessee in purchasing additional land adjacent to the land purchased. It was further explained that, since the vendors failed to carry out their commitments, no additional amount was paid. We do not find this reason submitted by the assessee to be genuine which is neither based on any evidence or admissions of the vendors. Hence, we do not find any merit in the order of the learned Commissioner of Income Tax (Appeals) for deleting the penalty. It is apparent from the transaction that the assessee has paid on-money of ₹ 79,32,020/-. The assessee has not come out with any reasonable explanation with cogent evidence to prove his case otherwise. Hence, it is evident from the transaction that additional investment made by the assessee amounting to ₹ 79,32,020/- has been concealed in the return of income filed by the assessee. Therefore, we hereby reinstate the order of the learned Assessing Officer by confirming the penalty levied by him and thereby set aside the order of the learned Commissioner Of Income Tax(Appeals).- Decided against assessee.
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