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2019 (9) TMI 482 - AT - Income TaxPenalty u/s 271(1)(c) - capital gains earned by the assessee on the sale of property - non-disclosure of the second sale deed - HELD THAT:- We not convinced with the arguments that the assessee inadvertently failed to disclose the second sale deed in the return of income. There is no plausible explanation offered by the assessee in this respect. Had the AO not got the information from Departmental sources, the assessee would have left un-assessed in respect of the second sale deed and thereby evasion of due taxes. So far as the contention that section 50C of the Act is deeming provision, that the penalty should not be levied on the difference of amount of actual receipt of consideration and that has been assessed u/s 50C of the Act, the assessee deserves relief on this issue. There is no evidence on the file that the assessee has received any amount more than that has been mentioned in the sale deed itself. The assessee has to pay extra taxes because of the valuation adopted by the Assessing officer as per the provisions of section 50C of the Act. However, this, in my view, cannot be said to be a case of concealment of particulars of income or furnishing of inaccurate particulars of income. Though as pointed out by the Ld. DR, the assessee to escape the rigour of the penalty, in the revised return filed u/s 148 of the Act has shown the capital gains as equivalent at the collectorate rate and also put a claim of exemption u/s 54F of the Act but could not succeed in this respect - interest of justice will be best served if the penalty is restricted to the extent of non-disclosure of the second sale deed to be calculated @100% of the tax sought to be evaded on the capital gains computed as per the actual sale price mentioned in the sale deed. Appeal of the assessee is treated as partly allowed.
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