Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (5) TMI 62 - ITAT AHMEDABADTaxable capital gains on sale of property - Addition in the hands of the appellant - Held that:- Assessee failed to dispute the fact that the assessee was one of the 15 co-owners of the immovable property in question fetching total consideration price of ₹ 30 lacs wherein his share was that of ₹ 2 lacs only. We therefore conclude that both the lower authorities have rightly made the impugned addition in assessee’s hands. Penalty u/s 271(1)(c) - Held that:- It is evident in this factual backdrop that the Assessing Officer’s scrutiny revolved around AIR information disclosing the assessee to have acted as power of attorney of the other fourteen co-owners in acting as the sole vendor receiving entire sale consideration of ₹ 30 lacs. The fact however remains that his share therein was of ₹ 2 lacs only. We therefore conclude that the lower authorities have erred in proceeding to impose the impugned penalty by treating the said AIR information and subsequent developments as the foundation for holding the assessee to have concealed his income. It is further not clear as to how the entire sale consideration of ₹ 2 lacs would be treated as assessee’s income since the same is either capital gains or business income to be subjected to the appropriate computation under respective heads. Be that is it may, we grant the assessee benefit of doubt as he was not there sole owner of the property in question. We therefore direct the Assessing Officer to delete the impugned penalty in question
|