Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
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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