TMI Blog2021 (5) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... which is evident from the copy of agreement as placed on record. The payment of the same was made through bank account on 28/06/2013 and 04/07/2013. Hence, the assessee would have been eligible to claim deduction u/s 54 if the property sold was a long-term capital asset. The assessee has also placed on record letter dated 11/10/2018 from Shri Jitendra Chimanlal Darji admitting the said mistake. The assessee has also filed an affidavit as to the above stated facts. All these facts and documentary evidences lend strength to assessee s submissions that the claim was under bona-fide mistake and the same was duly accepted during assessment proceedings. Under these circumstances, it could not be said that the assessee failed to offer any expla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to frame specific charge against the assessee and therefore, the penalty was not sustainable in the eyes of law. The Ld. Sr. DR, on the other hand, submitted that the assessee made a claim which was not admissible and therefore, penalty was rightly levied on the given facts and circumstances. 3. We have carefully heard the rival submissions and perused relevant material on record. Our adjudication to the subject matter of appeal would be as given in succeeding paragraphs. 4. Facts leading to imposition of penalty are that during assessment proceedings, it transpired that the assessee sold a flat situated at Andheri (West), Mumbai but did not offer the capital gains arising therefrom in the return of income. The assessee admitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tendered by the purchaser of the property who held himself to be a Chartered Accountant though he was only an accounts assistant in the Chartered Accountant firm of M/s Sampat Mehta Co. The said accountant field return of income on behalf of the assessee by mentioning his own email and telephone number in the Income tax Return. The perusal of copy of ITR-4 as placed on record supports the said submissions. We also find that the assessee had made investment of ₹ 36 Lacs on 31/07/2013 in a new residential flat situated at C-103, Baba Sadan, 4, Bungalows, J.P. Road, Andheri (W), Mumbai which is evident from the copy of agreement as placed on record. The payment of the same was made through bank account on 28/06/2013 and 04/07/2013. He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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