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2016 (8) TMI 901 - ITAT MUMBAI

2016 (8) TMI 901 - ITAT MUMBAI - TMI - Penalty levied u/s.271(1)(c) - undisclosed Short Term Capital Gain - Held that:- It is not in dispute moreover admitted by the assessee also that the assessee failed to show the sale account to the tune of ₹ 8 lakhs in his return. Undoubtedly, there is no explanation on record as to why the said amount of ₹ 8 lakhs was not reflected in the return of income resultantly the assessee did not show the Short Term Capital Gain to the tune of ₹ 8 .....

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n record to which it can be assumed that the learned CIT(A) has passed the order wrongly and illegally. No distinguishable facts to the finding of the learned CIT(A) has been produced on record. In view of the above said discussion we are of the view that the learned CIT(A) has passed the order judiciously and correctly - Decided against assessee - I.T.A. No.5261/MUM/2012 - Dated:- 8-7-2016 - SHRI B.R.BASKARAN, AM AND SHRI AMARJIT SINGH, JM For The Assessee : Shri K. Gopal For The Department : S .....

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.2006 vide warrant No.5147 at residential address Flat No.303, 3rd Floor, Shravan Apartment, 13th Road, Old Khar, Mumbai - 400052. A survey u/s.133A/search was also conducted at the business premises of M/s. Chinai Ranadive Associates Pvt. Ltd. at 1st Floor, Army and Nevy Building, Kala Ghoda, M.G.Road, Mumbai - 400001. Pages 1 to 3(three papers) were impounded from the business premises which were the copy of letter address to Shri. Dip Ghosh, 86-A, Jal Darshan, Nepean Sea Road, Mumbai -400036, .....

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e) at the time of signing of agreement and final handover. The assessee confirmed receiving the cash vide statement recorded u/s.131 of the Act recorded on 29.04.2006. Regarding confirmation of transaction, assessee filed return of income of ₹ 15,01,160/-. The assessee had purchased two flats in Krishna Kaveri CHS vide agreement dated 19.09.1997 from Captain Rex John Saldanha for a sum of ₹ 10,00,000/- each. Thus the cost of acquisition of two flats is ₹ 20,00,000/- each. Vide .....

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8377; 4,88,438/- u/s. 271(1)(c) of the Act. Before discussing the matter of controversy further it is necessary to advert the finding of Assessing Officer on record:- 5. I have carefully considered the assessee s submissions. It is admitted fact that in the original return of income the assessee had claimed Long Term Capital Loss of ₹ 6,78,228/- on the sale of the flats when in actual fact the period of holding of the flats was less 3 years. Thus, the assessee s reliance on the Supreme Cou .....

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ssee had filed inaccurate particulars in respect of the capital gain arising from the sale of the flats at Krishna Kaveri CHS. 5.1 It is seen from the above facts that the short term capital gain of ₹ 8 lakhs was not disclosed in the original return of income by the assessee. Further, long term capital loss of ₹ 6,78,228/- was wrongly claimed and to that extent the assessee has filed inaccurate particulars of income. The assessee has admittedly sold the flats for ₹ 28 lakhs and .....

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failed to offer this ₹ 8 lakhs which was received in cash for assessment in the original return filed and in addition to the above the assessee claimed a further long term capital loss of ₹ 6,78,228/-. In view of the above taxable income a further long term capital loss of ₹ 6,78,228/-. In view of the above taxable income has been under stated to the tune of ₹ 14,78,228/- by filing wrong particulars regarding the nature of capital gain i.e. short term capital gain was wro .....

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of flats at ₹ 8 lakhs. The total income determined after giving effect to Ld. CIT(A) s order is ₹ 15,01,060/-. The income in respect of which particulars have been concealed or inaccurate particulars have been furnished is ₹ 14,78,228/- as discussed in 5 above. The assessee is accordingly, liable to levy of penalty on ₹ 14,78,228/-. The amount of tax sought to be evaded on the undisclosed income of ₹ 14,28,228/- is ₹ 4,88,438/-. I, therefore, propose to levy .....

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onse to section 153A of the I.T. Act are positive and hence Explanation 4(a) is not applicable. Certainly Explanation 4(6) is not applicable. As a result the amount of tax sought to be evaded should be found out by invoking Explanation 4(c) to section 271(1)(c) of the I. T. Act. In this case total income assessed ultimately is ₹ 15,01,060/- and the amount of income in respect of which particulars have been concealed is the short term capital gains of ₹ 8 lakhs. The A.O. is directed t .....

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