TMI Blog2015 (8) TMI 1384X X X X Extracts X X X X X X X X Extracts X X X X ..... on. The dispute was left regarding transfer of plot and the amount which was not yet received through the agreement to sell. The ld. CIT(Appeals), therefore, on proper appreciation of the facts and material on record, correctly held that it is not a case of concealment of income or furnishing inaccurate particulars of income. - Decided in favour of assessee. - ITA No. 1140/CHD/2014 - - - Dated:- 3-8-2015 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI T.R.SOOD, ACCOUNTANT MEMBER Appellant by : Dr. Amarveer Singh Respondent by : Shri Tej Mohan Singh O R D E R PER BHAVNESH SAINI,JM This appeal by revenue is directed against the order of ld. CIT(Appeals), Chandigarh dated 01.10.2014 for assessment year 2008-09, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owning plot of 250 sq. yards were to receive ₹ 40,00,000/- in cash and a furnished flat measuring 1150 sq. ft., with market value of ₹ 51,75,000/-, calculated at the rate of ₹ 4500/- per sq. ft. Thus, the total consideration for transfer of plot came to ₹ 91,75,000/-. The Assessing Officer computed the income by way of capital gains by adopting this amount as sale consideration. Finally, the assessment was made by taking capital gains income at ₹ 89,28,284/-. Penalty proceedings u/s 271 (l)(c) were also initiated. In the penalty proceedings, the assessee had filed a reply, but the Assessing Officer was not satisfied with the explanation and levied minimum leviable penalty of ₹ 20,25,000/-. 3. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ars or is not able to give any satisfactory explanation in regard to any matter which is material to the computation of income. Now we examine the facts of the present case. It is noteworthy that the view taken by the Assessing Officer that the amount of capital gains has to be computed by taking the total consideration, actually received or receivable by the appellant as sale consideration and that the total amount of capital gain is assessable as the income of the year under appeal, has been upheld by the Tribunal. Therefore, the limited point for consideration is whether the appellant has a reasonable explanation for his omission to disclose the income by way of capital gains in the return. In the original return filed by him, no income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee submitted that assessee has declared capital gains on the amount which was received by executing the Sale Deed and for Agreement to Sell regarding which no transactions were completed, no capital gain arises. The assessee declared all the particulars in the return of income as well as before Assessing Officer. Therefore, on mere difference of opinion, penalty was correctly cancelled by the ld. CIT(Appeals). He has further submitted that on the identical issue, Hon'ble Punjab Haryana High Court in its recent decision in the case of Shri C.S. Atwal Vs CIT, Ludhiana others in bunch of 85 appeals, decided the quantum issue against the revenue in ITA No. 200 of 2013 dated 22.07.2015. He has submitted that facts of this case are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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