9911796707
TMI Blog2011 (1) TMI 1589X X X X Extracts X X X X X X X X Extracts X X X X ..... ) canceling the penalty of Rs.14,89,290/- levied u/s.271(1)(c)?" 2. The facts of the case stated briefly are that in the year under consideration, the assessee had sold agricultural land and was under the bonafide belief that sale of agricultural land was exempted from capital gains tax. Subsequently, the assessee filed a revised return and paid tax in respect of income from sale of agricultural land on 14th August, 2006. It appears that the assessee was advised that since the land was situated at a distance of more than 10.5 kilometres from the boundary of Himatnagar, such capital gain was not liable to tax. The assessee, therefore, claimed that she was not liable to pay any capital gains tax. The Assessing Officer made addition on the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ried the matter in appeal before the Tribunal, who vide the impugned order, dismissed the appeal. 4. Assailing the impugned order made by the Tribunal, Mr. M.R. Bhatt, learned senior advocate appearing on behalf of the revenue submitted that the assessee while filing the original return of income had not declared the income from the sale of land resulting into earning of capital gains and had come forward with a declaration of capital gains only after the detection of the same by the Department through discreet and sustained inquiries and further follow up action and as such, the Tribunal was not justified in holding that the "necessary particulars were also already on record" and accordingly, upholding the decision of the Commissioner (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer. The assessee's version being based upon the certificate of the Talati of the Gram Panchayat stating that the land was 10.5 kilometres away and, therefore, no tax was chargeable on the sale of capital asset whereas the claim of the Assessing Officer was that the land in question was situated within a distance of 8 kilometres from the boundary line of Himatnagar and as such the assessee was liable to pay capital gains tax on the income derived from the sale of the property. The Tribunal, upon appreciation of the evidence on record, found that all necessary particulars were already on record and the fact that the assessee had sold the land and made some capital gains was declared by the assessee herself and consequently was of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
