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2017 (1) TMI 256 - ITAT AHMEDABADPenalty u/s. 271(1)(c) - assessment u/s 153A - capital gain computation - Held that:- We find that in this case the search action was conducted on 04.03.2010.The return of income in response to notice u/s 153A was filed on 17.10.2011 declaring income of ₹ 1,30,36,600/- subsequently, the assessee has revised his declared income to ₹ 1,37,77,640/- on 26.12.2011.We noticed that at the time of filing of return of income the assessee had computed long term capital gain as long term because this land was acquired initially through banakhat/agreement for sale on 1st Nov, 1994. for which the purchase deed was registered on 24th Feb, 2006. We have also considered the facts reported by the assessee and occurring of mistake because the period of holding was required to be calculated from the date of registration of purchase document and not from the date of banakhat. We find that assessee has disclosed the complete details of sale and purchase of land. We have noticed that the differences in the income was arising only because of indexation of the purchase of land which was not available in the case of short term capital gain. The original return itself was filed after the search action in response to notice under section 153A of the act which was revised to correct the mistake as elaborated above in this order. Looking to the above facts, we find that correction of working of capital gain in view of above stated facts and circumstances is not the case where the assessee had concealed the particular of income declared only because of search action. Accordingly, we considered that the Ld. Commissioner of Income Tax(A) is not justified in sustaining the penalty levied by the assessing officer. - Decided in favour of assessee.
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