TMI Blog2019 (9) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... f amount of actual receipt of consideration and that has been assessed u/s 50C of the Act, the assessee deserves relief on this issue. There is no evidence on the file that the assessee has received any amount more than that has been mentioned in the sale deed itself. The assessee has to pay extra taxes because of the valuation adopted by the Assessing officer as per the provisions of section 50C of the Act. However, this, in my view, cannot be said to be a case of concealment of particulars of income or furnishing of inaccurate particulars of income. Though as pointed out by the Ld. DR, the assessee to escape the rigour of the penalty, in the revised return filed u/s 148 of the Act has shown the capital gains as equivalent at the col ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd offered capital gains tax as per sale deed amount of ₹ 4.30 lacs. The Assessing officer noted that the assessee instead of offering the capital gain tax as per the stamp duty valuation of the plot under the provisions of section 50C of the Act has wrongly declared the capital gains as per the sale deed price. He further noticed that the assessee did not disclose the second sale deed and, thereby, did not deposit the capital gain tax in respect of the second sale deed. The assessment was reopened. In the reopened assessment proceedings, the assessee took the sale price of the land at the Collectorate rate for the purpose of stamp duty valuation and further claimed exemption u/s 54F of the Act claiming that he had purchased another h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the collectorate rate / stamp valuation authority rate. However, the assessee did not receive any amount more than the amount as was mentioned in the sale deed itself. 4. On the other hand, Ld. DR has pointed out that, in fact, the assessee changed his stand in the revised return filed u/s 148 of the Act and himself declared / admitted the sale price of both the part of the plots as equal to the stamp duty valuation / collectorate rate. He, therefore, has submitted that assessee has not come to this Court with lean hands and does not deserve any relief. 5. I have considered the rival submissions and have also gone through the record. I am not convinced with the arguments that the assessee inadvertently f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t served if the penalty is restricted to the extent of non-disclosure of the second sale deed to be calculated @100% of the tax sought to be evaded on the capital gains computed as per the actual sale price mentioned in the sale deed. However, it is made clear that my above observations / orders restricting the penalty as directed above will not have any bearing on the tax payable by the assessee in the quantum assessment proceedings or in any appellate proceedings arising in respect thereof. With the above observations, the appeal of the assessee is treated as partly allowed. 6. Before parting it is to be mentioned that though in the grounds of appeal, the assessee has taken a ground regarding some defect, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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