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2023 (2) TMI 165 - AT - Income TaxPenalty u/s. 271D - failure to comply with the statuary provisions of section 269SS - As argued penalty proceedings has been initiated on wrong person/assessee - HELD THAT:- Property has been purchased in his individual capacity and also sold in his individual capacity. As regards, the claim of the assessee that property was owned by HUF, if you go by date of generating PAN number for HUF, the assessee HUF has generated PAN number on 03.03.2017 much after the date of sale of asset. Further, the appellant has filed return for HUF capacity on 30.03.2018. The documents relied upon by the assessee can only be considered as an afterthought to circumvent penalty proceedings initiated in his individual capacity. Therefore, we reject arguments of assessee that penalty proceedings has been initiated on wrong person/assessee. There is no dispute with regard to the fact that the appellant had received a sum of Rs. 14 lakhs in cash for sale of immovable property. In fact, the relevant data collected from the Registrar Officer clearly reported transactions with specified date and amount and also amount received in cash. In fact, the assessee never disputed fact that sum of Rs. 14 lakhs has been received on sale of immovable property. However, the only argument of the assessee was that out of Rs. 14 lakhs, a sum of Rs. 11,50,000/- has been received on 10.02.2016 and further a sum of Rs. 2,50,000/- has been received on 07.11.2016. We find no merit in arguments of the assessee that a sum of Rs. 11,50,000/- has been received by way of cash on 10.02.2016, because the information collected by the AO clearly indicates that as on the date of sale i.e., 07.11.2016, the assessee has received a sum of Rs. 14 lakhs. Therefore, we are of the considered view that the assessee has received a sum of Rs. 14 lakhs in cash for sale of immovable property in contravention of provisions of section 269SS of the Act, and liable for penalty u/s. 271D of the Act. Thus, levy penalty u/s. 271D for violating provisions of section 269SS of the Act Confirmed - Decided against assessee.
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