Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 730 - AT - Income TaxPenalty under S.271(1)(c) - addition made to the total income of the assessee on account of long term capital gain - Held that:- Concealment of income envisaged in S.271(1)(c) is to be inferred from the return of income filed by the assessee, and since the penalty proceedings under S.271(1)(c) in the present case were initiated by the Assessing Officer during the course of re-assessment proceedings, it is the return of income filed by the assessee in response to notice under S.148 that has to be seen to infer the concealment. As already noted no return of income was filed by the assessee in response to notice issued by the Assessing Officer under S.148 in the month of January, 2011, withdrawing the excessive claim for exemption under S.54F, in spite of the fact that at that juncture, the assessee was fully aware that the amount of ₹ 1.25 crores paid in advance to the contractor was not fully utilised for the construction of the house and the same having been already refunded by the contractor partly in the month of March, 2010, its claim for exemption under S.54F was excessive. Having regard to all these facts of the case, we are of the view that the assessee is clearly guilty of furnishing inaccurate particulars of income, as rightly held by the authorities below, attracting penalty under S.271(1)(c). As regards the alternative claim of the assessee that quantum of penalty worked out by the Assessing Officer is wrong, we direct the Assessing Officer to verify this alternative claim of the assessee and to allow appropriate relief on such verification. - Decided partly in favour of assessee.
|