TMI Blog2014 (8) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... or furnishing inaccurate particulars thereof. What is to be seen is whether the said claim made by the assessee was bona fide and whether all the material facts relevant thereto have been furnished and once it is so established, the assessee cannot be held liable for concealment penalty under s. 271(1) (c) of the Act. - Decided in favour of assessee. - I.T.A. No. 831 /AHD/2011 - - - Dated:- 5-8-2014 - SHRI ANIL CHATURVEDI, A.M. SHRI KUL BHARAT, J.M. For the Appellant : Shri J.M. Shah A.R. For the Respondent : Shri Dinesh Singh, Sr. D.R. ORDER PER SHRI ANIL CHATURVEDI,A.M. 1. This appeal is filed by the Assessee against the order of CIT(A)-XVI, Ahmedabad dated 17.02.2011 for A.Y. 2007-08. 2. The facts as cull ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the AO. The assessee had clearly furnished inaccurate particulars of income. It is not an issue of simply wrong date being mentioned by the accountant. Every assessee by and large knows how old the property is. A properly which is less than 2.5 years old cannot be forgotten by the assessee. Therefore claiming of long term capital gain is clearly furnishing of inaccurate particulars thereby concealing the income. In view of the above, I agree with the AO that the assessee had furnished inaccurate particulars of income thereby concealing the income. The penalty levied is therefore confirmed and the ground of appeal is dismissed. 4. Aggrieved by the order of CIT(A), Assessee is now in appeal before us. 5. Before us, ld. A.R. su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. 271(l)(c) of the Act is leviable if the AO is satisfied in the course of any proceedings under the Act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income. 8. The necessary ingredients for attracting Expln. 1 to section. 271(l)(c) are that (i) the person fails to offer the explanation, or (ii) he offers the explanation which is found by the AO or the CIT(A) or the CIT to be false, or (iii) the person offers explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him. If the case of any assessee falls in any of these three categories, then according to the deemin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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