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2020 (1) TMI 219 - AT - Income TaxCapital gain computation of estate of the deceased - year of assessment - proportionate amount of sale consideration received during the year - assessment in the hands of the estate of Late Shri Jagir Singh whereas the segment of estate of Shri Jagir Singh which is subject matter of the impugned assessment order had already devolved on his three sons after his death on 12-04-2003 - HELD THAT:- Capital gain has to be restricted to the proportionate amount of sale consideration received during the year and the rest of the capital gain will be taxable in the year in which rest of the consideration is received. Therefore, the Assessing Officer is directed to compute capital gains tax on the basis of actual receipts during the year, as mentioned in the covered case (supra).As the issue is squarely covered in favour of the assessee by the decision of the coordinate bench, in the case of Shri Prem Singh Lalpura (deceased) through only local L/Hr. Mr. Daljit Singh-son [2017 (9) TMI 1861 - ITAT AMRITSAR] and there is no change in facts and law and the Revenue is unable to produce any material to controvert the aforesaid findings of the Division Bench (supra). We find no reason to interfere in the said order of the Division Bench, therefore, respectfully following the judgment of the Coordinate Bench (supra), the appeal filed by assessee is partly allowed. Penalty u/s 271(1) (c) - HELD THAT:- When quantum is deleted or dispute in respect of quantum has been decided in favour of assessee then penalty u/s 271(1) (c) does not survive. When the assessee furnishes accurate particulars of income and does not conceal particulars of income in that situation also the penalty should not be levied. The ld CIT(A) deleted the penalty u/s 271(1) (c ) of the Act taking into account all the material available before him, as noted above, therefore we do not find any infirmity in the order passed by the ld CIT(A).That being so, we decline to interfere with the order of Id. CIT(A) in deleting the penalty, his order on this issue is therefore upheld and the grounds of appeal of the Revenue are dismissed.
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