Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 745 - AT - Income TaxPenalty u/s 271(1)(c) - capital gain addition - Transfer of land through JDA - reopening of assessment - HELD THAT:- Reopening was done on the basis of information on particular issue of transfer of land through JDA, it was incumbent upon the assessee to come with clean hands and disclose the entire transaction in the return of income and voluntarily offer the capital gain tax on the amount actually received by the assessee as consideration for the sale of part of the land through registered deed. As rightly observed by the CIT(A) that in this case bonafide credentials of the assessee have not been established. Even after reopening of the assessment, assessee did not choose to declare the income actually received by the assessee on the amount of ₹ 15,00,000/- received as sale consideration. Hence, the penalty in respect of concealment of income on the capital gains earned by the assessee on the amount of ₹ 15,00,000/- received as sale consideration is liable to be confirmed. However, the penalty in respect of the remaining amount levied by the Assessing Officer by way of computing the capital gain on accrual basis is liable to be deleted - Appeal of the assessee is partly allowed.
|