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TMI Blog2019 (9) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... nd by way of two registered sale deeds, one part of the land was sold for a sum of Rs. 4,30,000/- and the second part was sold at Rs. 4 lacs. However, the Stamp Duty Authorities assessed the value of the land at Rs. 14,20,000/- and Rs. 12,62,000/- respectively. The assessee declared only the first sale deed in the return of income and offered capital gains tax as per sale deed amount of Rs. 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 de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he actual amount received by the assessee. However, inadvertently the second sale deed could not be shown in the return of income. He has further submitted that the provisions of section 50C are deeming provisions requiring the Assessing officer to assess the sale value as per 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also put a claim of exemption u/s 54F of the Act but could not succeed in this respect. However, considering the over all facts and circumstances of the case, this Bench is of the view that the interest of justice will be best 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 observati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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