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2016 (5) TMI 148 - AT - Income TaxPenalty u/s 271(1)(c) - additions made on account of Long Term Capital Gain - Assessing Officer has held that the assessee has failed to established the genuineness of the cost of acquisition adopted by him and claimed of unexplained transfer fees and thereby suppress the Long Term Capital - Held that - The assessee filed the return for the A.Y. 1994-95 on 24.07.1995 declaring total income of Rs. 1, 50, 200/-. When the survey action u/s. 133A of the Act was taken at the residence of the assessee then it came into notice that the assessee received the sum of Rs. 1.36 crores on sale of flat which he had not offered for taxation in the A.Y.1994- 95 except this an amount of Rs. 2.13 crores was also found in his three bank accounts. Apparently the sale transaction of the sale of flat of the assessee was not offered as tax on Long Term Capital Gain / Short Term Capital Gain if any in the relevant assessment year. After the survey assessee offered the capital gain to the tune of Rs. 77, 55, 636/- on account of sale proceed received by him at Rs. 19, 37, 250/- in respect of residential flat. It is correct that if the case of assessee is based upon only on the facts that the demand of the valuation report can be treated levy the penalty. But in this case the facts are otherwise. It is clear case of concealment of particulars of his income received on account of above mentioned flat and furnishing inaccurate particulars by not disclosing the transaction in his return filed on 24.07.1995 declaring his total income to the tune of Rs. 1, 50, 200/-. Transaction was came in to the notice after the survey report. In view of the said circumstances we are of the view that it is not the case of assessment by the Assessing Officer on the basis of valuation report or market rate infact it is the case of concealment of particulars of his income and furnishing inaccurate his particulars. - Decided against assessee
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