Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1245 - ITAT MUMBAIPenalty u/s 271(1)(c) - suppression of Long term Capital gain arising from the sale of the subject property by understating the consideration received - Held that:- We are unable to comprehend that now when the assessee on the one hand had acknowledged receipt of an amount of ₹ 7,00,00,000/- vide nine account payee cheques drawn on Union Bank Of India, Oshiwara Branch, from the aforesaid purchasers, than how a claim raised by her to the contrary that she had only received an amount of ₹ 6,25,00,000/- would survive. We are of the considered view that as the explanation of the assessee which clearly militates against the material available on record is found to be false, thus the CIT(A) had rightly sustained the penalty imposed by the A.O under Sec. 271(1)(c) for suppression by the assessee of the long term capital gain arising from the transfer of her leasehold rights in the subject property. We thus, finding no infirmity in the order of the CIT(A) sustaining the penalty imposed by the A.O under Sec. 271(1)(c) of the Act, uphold the same. - decided against assessee.
|