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2017 (5) TMI 16 - ITAT AHMEDABADPenalty u/s.271(1)(c) - long term capital gains addition - nature of land sold - Held that:- There is no dispute that assessee’s land in question sold was both agricultural and non agricultural whereas he had converted the same in latter category. There is further no quarrel that the assessee had clearly demarcated the necessary dimensions of the land sold in the two categories. And also that he thereafter did not disclose the non agricultural lands consideration for the purpose of computing capital gains in original return of income. The same position continues even after Assessing Officer’s specific query regarding omission of taxable income in notice dated 08.10.2013 (supra). The assessee rather went step further in claiming all of his land measuring 11534 sq.mtr. to be agricultural not forming a capital asset in spite of the fact of having executed sale deed specifying the same as non agricultural. There is further no evidence that he declared the capital gains in question in the year of receiving sale consideration; if any. It therefore emerges that assessee’s above attempts were neither bonafide mistakes nor silly ones so as to be condoned. We thus conclude that the learned CIT(A) has rightly confirmed the impugned penalty in above narrated facts of the case. - Decided against assessee.
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