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2015 (12) TMI 1033 - PUNJAB & HARYANA HIGH COURT

2015 (12) TMI 1033 - PUNJAB & HARYANA HIGH COURT - TMI - Penalty under Section 271(1)(c) - Held that:- The return filed by the assessee was a non est return. Even no explanation was furnished by the assessee to substantiate the claim of not filing the return voluntarily. The Tribunal observed that the case of the assessee fell under main provisions of Section 271(1)(c) of the Act as there was definite concealment in the facts and circumstances and, therefore, reference to Explanation 3 to Sectio .....

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the findings of concealment recorded by the Tribunal are based on misreading or misappreciation of evidence or material on record which may warrant interference by this Court. - Decided against assessee - ITA No. 23 of 2015 (O&M) - Dated:- 29-9-2015 - Ajay Kumar Mittal And Ramendra Jain, JJ. For the Appellant : Mr Sanjeev Manhas, Adv For the Respondent : None ORDER Ajay Kumar Mittal, J. 1. Delay of 4 days in refiling the appeal is condoned. 2. This appeal has been preferred by the assessee under .....

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Section 271(1)(c) of the Income Tax Act, 1961? (ii) Whether on the facts and in the circumstances of the case, the appellant-assessee was under bonafide belief that consideration received on the sale of agriculture land as per agreement to sell was not taxable? (iii) Whether on the facts and in the circumstances of the case, the Ld. Tribunal order is sustainable on the true and correct interpretation of the provision of Section 271(1) (c) of the Income Tax Act, 1961, while setting aside or rever .....

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therein may be noticed. The assessee is one of the sleeping partners in M/s Bedi Automobiles, Piplawala, Hoshiarpur since 4.7.2007. She is owner in possession of land measuring 13 kanal 12 marlas which was sold to one Surjit Singh representative of Jai Dev vide agreement to sell dated 8.8.2006 for a sale consideration of ₹ 37 lacs. The assessee introduced the said amount in capital addition to her capital account in the firm. Jai Dev got the sale deed registered on 8.8.2007 for ₹ 11 .....

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of the agriculture land. She produced the copy of the agreement to sell dated 8.8.2006 to the effect that she sold her agriculture land to one Jai Devi for a consideration of ₹ 37 lacs and also disclosed that she had deposited the said amount in the firm where she is a partner as capital gain. However, the Assessing Officer referred to the sale deed dated 8.8.2007 showing that the assessee had sold her agriculture land for a sum of ₹ 11.90 lacs. Even before the assessment, on 3.2.200 .....

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900/-. The Assessing Officer vide order dated 14.9.2010 (Annexure A-1) framed the assessment under Section 143(3) of the Act at ₹ 27,00,900/- and also initiated penalty proceedings under Section 271(1)(c) of the Act for concealment of the income. The Assessing Officer vide order dated 10.3.2011 (Annexure A-2) levied penalty of ₹ 8,44,050/- under Section 271(1)(c) of the Act. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [for brevity & .....

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ether the Tribunal was justified in upholding the order of the assessing authority imposing penalty of ₹ 8,44,050/- under Section 271(1)(c) of the Act? 6. The Tribunal while allowing the appeal of the revenue had held that the assessee was liable to penalty under Section 271(1)(c) of the Act as she had furnished inaccurate particulars of income. Further, it was held that the return filed by the assessee was a non est return. Even no explanation was furnished by the assessee to substantiate .....

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deleted by the CIT(A) in appeal. The findings recorded by the Tribunal read as under:- "7. We have heard the rival contentions and perused the facts of the case. In the present case, the main issue is whether the returned filing by the assessee is a return u/s 139(4) or in response to notice u/s 148 of the Act and second issue related to the first issue with respect to the levy of penalty u/s 271(1)(c) of the Act, is whether return filed is voluntary return or not. In this regard, there is .....

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12,89,333/-, as claimed by the assessee in the submission dated 04.03.2011. The return u/s 139(4) should have been filed up to 31.03.2009 for the assessment year 2007-08, which in fact, has been filed on 18.02.2010. Therefore, the return of income filed by the assessee is a non est return and, therefore, the claim of the assessee in para 4 to Explanation/Reply dated 04.03.2011 reproduced hereinabove is against the facts of the case and is not a return u/s 139(4) of the Act. On this count, the r .....

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detected the concealment of income. No cogent explanation has been submitted by the assessee to substantiate the claim of not filing the return voluntarily. The assessee was short of finances and, therefore, did not deposit the tax with the Income Tax Department, cannot be a sufficient explanation. The issuance of notice u/s 148 and in the facts and circumstances of the present case, as mentioned hereinabove, the assessee was aware of the fact in the assessment of the firm M/s. Bedi Automobiles .....

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