TMI Blog2022 (4) TMI 666X X X X Extracts X X X X X X X X Extracts X X X X ..... pute for the imposition of the penalty have direct nexus with the cost of the properties purchased by the assessee which were duly disclosed. Thus it is transpired that there was no malafide intent on the part of the assessee to conceal the particulars of stamp duty and registration charges as the information for the same was available in the public domain which is directly connected with the purchase of disclosed properties. Since the purchases of properties have been disclosed in the income tax return, it cannot be inferred that the assessee had no mala-fide intent in not disclosing the connected expenses being stamp duty and registration charges. There was no dishonest intent of the assessee particularly in the given facts and circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t appellant has bona fined intention of concealed any income. On the contrary, appellant has furnished all the documents on the basis of which Ld. AO could find out that expenditure relating to stamp duty and registration fees are not accounted by the appellant. It there was any malafide intention of the appellant, he would not have been submitted all the documents of purchase of lands. 3. Mere failure to offer an explanation or to substantiate the explanation is not enough to warrant penalty which is ignored by Id. C1T (Appeals). 4. In the appellant case, appellant has voluntarily agreed for addition, thus the addition made to the returned income, neither it is established or can be reasonably inferred, that the addition made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice, the assessee failed to make any reply. Thus the AO concluded that in the absence of any reply, the assessee has concealed the particulars of income and levied a penalty at ₹ 3,69,664/- being 100% of the tax amount sought to be evaded. 5. Aggrieved assessee preferred an appeal to the Ld. CIT(A). 6. The assessee before the Ld. CIT(A) submitted that the stamp duty and registration charges were incurred by him in connection with the purchases of agricultural lands which were duly disclosed in the income tax return. However, the assessee inadvertently omitted to disclose the registration charges and stamp duty in the income tax return. Thus there was no mala-fide intent not to disclose the impugned expenses. 7. However, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nses which are in dispute for the imposition of the penalty have direct nexus with the cost of the properties purchased by the assessee which were duly disclosed. Thus it is transpired that there was no malafide intent on the part of the assessee to conceal the particulars of stamp duty and registration charges as the information for the same was available in the public domain which is directly connected with the purchase of disclosed properties. Since the purchases of properties have been disclosed in the income tax return, it cannot be inferred that the assessee had no mala-fide intent in not disclosing the connected expenses being stamp duty and registration charges. 11.2 Thus it transpires that there was no dishonest intent of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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