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2023 (11) TMI 993 - AT - Income TaxPenalty u/s 271(1)(c) - addition on sale of land and not granted benefit of u/s.54F - AR submitted that the assessee under bonafide belief has made the claim u/s 54 of the Act in respect of Long Term Capital Gain since the assessee has purchased land for the construction of residence - HELD THAT:- It is pertinent to note that the assessee has under bonafide belief claimed the exemption u/s 54 in respect of Long Term Capital Gain as the assessee has made investments during the year. The same was disclosed by the assessee in the details of return of income as well as during the assessment proceedings and thus the element of concealment of particulars of income does not get attracted in assessee’s case. The decision of Hon’ble Apex Court RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] is squarely applicable in assessee’s case. The decisions relied by the DR will not be applicable in the present case as the limb under which Section 271(1)(c) of the Act was invoked is missing in the present assessee’s case, in fact, the quantum thereafter has been deleted in assessee’s case and, therefore, the very basis of the penalty does not survive. Appeal of assessee allowed. Condonation of delay - delay of 1823 days in filing the present appeal - HELD THAT:- In the present case, the circumstances are perused, as the assessee is not staying in India and during the said period he was under the bonafide belief that his brothers will be able to co-ordinate with the Tax Consultant regarding Income Tax matters. In the exceptional circumstances, in the present case, it is appropriate to condone the delay as held in various decisions of Hon’ble Apex Court that when delay is explained in detail and appears to be genuine and bonafide, the same should be condoned. Hence, the delay in the present case was genuinely explained by the assessee and, therefore, we are condoning the delay.
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