TMI Blog2020 (8) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... if there is any concealment of income or furnishing of inaccurate particulars of income. To determine these factors, the facts and circumstances are essential. In the present facts, when the charge is of the concealment of income, the facts does not suggest even on a remote basis that assessee has concealed his income rather the assessee has acted under bonafide belief and even the Revenue could not place on record any evidence of receipt of income regarding 1/4th share of the property by the assessee in the relevant year. Neither there is mens rea nor actus reus on the part of the assessee. We find that our view is fortified by the judgment of the Hon ble Supreme Court in the case of K.C.Builders [ 2004 (1) TMI 7 - SUPREME COURT] - thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d derives income from salary. During the year assessee along with three other co-owners sold an inherited piece of land for a total consideration of ₹ 28,60,000/- as against market value of ₹ 51,66,000/-. The assessee along with three other co-owners had received a cheque of ₹ 7,15,000/- each and the sale deed was executed on 17.08.2010. The assessee, however, did not disclose any income from the sale of above plot with a belief that the sale was not complete since the payment was not realized in the year under consideration and the same was realized only in July, 2014. It was contended that the plot was sold on 17.08.2010 but it was mutually agreed between the buyer and the seller to present these cheques in October, 2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppressed the transaction and only it came to light during the assessment proceedings and therefore, there is a clear intention on the part of the assessee for concealing the income from the capital gain earned on sale of land. The Ld.CIT(A) upheld the order of the penalty u/s 271(1)(c) of ₹ 1,06,041/- being 100% of the taxation sought to be evaded as imposed by the Assessing Officer. 4. Being further aggrieved, this appeal has been preferred by the assessee before us. 5. At the time of hearing, neither the assessee nor his learned Authorised Representative was present. On the date of hearing, we proceeded to adjudicate the case after recording the submissions of the learned Departmental Representative and considering the relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts were not disputed by the learned Departmental Representative nor he could place on record any evidences contrary to these facts on record. The assessee was under the bonafide belief that since he has not received any consideration during the relevant year, the sale is not complete and no profits accrued to him. The Revenue also could not place on record any evidence of actual receipt of any amount by the assessee during the year under consideration. The procedure of imposition of penalty u/s 271(1)(c) shall arise and only arise if there is any concealment of income or furnishing of inaccurate particulars of income. To determine these factors, the facts and circumstances are essential. In the present facts, when the charge is of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urns and paid the taxes thereon. This conduct clearly shows that there was some sort of settlement between the assessee and the Department. The assessment of income is based purely on estimate basis. Without adequate materials, it is impossible to accept the Department's contention that some part of the estimated income represents concealed income. The assessee has filed the revised returns. By so revising the returns, the assessee has substituted the income of the original return with that of the revised returns vis-`-vis the revised return there is no concealment of any income. The department has accepted all these revised income which clearly shows that the assessments are based on the basis of the voluntary offer made by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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