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2016 (8) TMI 224 - AT - Income TaxPenalty u/s 271(1)(c) - assessee has claimed deduction u/s 54F seeking exemption of long term capital gains amounting to ₹ 1,13,73,000/- arising on account of surrender of sub-tenancy - Held that:- The claim of the assessee made in the return of income to declare the income as long term capital gain on surrender of tenancy vide registered deed dated 12-04-2007 was in-fact wrong claim lodged to reduce the tax liability. The assessee himself withdrew the said claim when cornered and confronted by the Revenue and the contentions of the assessee that he withdrew the claim voluntarily in order to avoid long and protracted litigation with the Revenue and to buy peace of mind are not correct. The assessee has also not challenged the assessment order framed by the Revenue u/s 143(3) of the Act in the appellate forums which was framed after claims as set out by the assesssee in return of income was withdrawn by the assessee after being cornered and confronted by the Revenue. As the assessee made a wrong claim in the return of income of having sub-tenancy in the said premises while the fact of the matter in the present case before us is that the assessee did not had any such sub-tenancy in the said property as the assessee failed to prove the existence of sub-tenancy and the claim of the assessee was found to be false claim and explanations offered by the assessee were found by the Revenue to be false and clearly explanation1 to Section 271(1)(c) of the Act is hit and the assesse is liable for penalty u/s 271(1)(c) of the Act - Decided against assessee
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