Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale of land. The Tribunal held that adopting a different valuation for determining cost of acquisition based on estimation cannot be the basis for imposing penalty. The capital gains were computed by the assessee based on estimated cost as on 1.4.1981, which the Assessing Officer disagreed with and adopted the fair market value mentioned in the sale deed dated 17.11.1980 without referring to the District Valuation Officer. This recomputation based on material furnished by the assessee cannot attract penalty. Mere difference in estimation of cost by the authorities does not prove concealment or inaccurate particulars. The Assessing Officer failed to establish willful negligence, concealment or furnishing of inaccurate particulars. Penalty cannot be levied for estimated additions unless the factum of concealment or inaccurate particulars is proved. The Tribunal decided in favor of the assessee, holding penalty u/s 271(1)(c) as not imposable.
The crux pertains to levying penalty u/s 271(1)(c) for alleged furnishing of inaccurate particulars or concealment of income regarding capital gains computation on sale of land. The Tribunal held that adopting a different valuation for determining cost of acquisition based on estimation cannot be the basis for imposing penalty. The capital gains were computed by the assessee based on estimated cost as on 1.4.1981, which the Assessing Officer disagreed with and adopted the fair market value mentioned in the sale deed dated 17.11.1980 without referring to the District Valuation Officer. This recomputation based on material furnished by the assessee cannot attract penalty. Mere difference in estimation of cost by the authorities does not prove concealment or inaccurate particulars. The Assessing Officer failed to establish willful negligence, concealment or furnishing of inaccurate particulars. Penalty cannot be levied for estimated additions unless the factum of concealment or inaccurate particulars is proved. The Tribunal decided in favor of the assessee, holding penalty u/s 271(1)(c) as not imposable.
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