TMI Blog1982 (5) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961. The facts are that the assessee sold an immovable property for Rs. 23,500 during the previous year relevant to the year under appeal but no capital gain was shown. On the discovery of this fact, the ITO issued a notice under section 148. In response to that, the assessee filed a return showing the originally returned income. The assessee explained to the ITO that it was under the bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 500. The AAC agreed with the ITO. 2. Before us, Shri Ranka, learned Counsel for the assessee argues that there is no concealment on the facts of the case on the part of the assessee. He says that the assessee got the other property situated in the New Colony, valued from his Tax Adviser, who having relied on the standing order No. 100 issued by the Chief Engineer, Public Works Department, valued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gain, if any, arising and that the assessee scored out all the columns of the Annexure III requiring information about the sale of the property with a view to keeping the ITO under the dark so that he might not have made any enquiry regarding actual capital gains having accrued in this case. He says that though the assessee filed a copy of the capital gain existing in the books of the firm in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee to believe that the aggregate of the values of the two immovable properties did not exceed the sum of Rs. 50,000 and that the case was covered by section 53. The capital gain was credited in the account of the assessee in the books of the firm and the copy of the capital account was filed by the assessee in the assessment proceedings of the firm. Had there been any intention of concealment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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