2012 (6) TMI 718

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....RVEDI, ACCOUNTANT MEMBER:   This appeal is by the assessee against the order of the CIT(A)-IV, Surat dated 12.10.2009 for the A.Y.2006-2007.   2. The assessee was owner of agricultural land at Adajan Gaon along with eight other co-owners. During the year the land was sold for a total consideration of Rs.36 lacs and the assessee in the original return of income filed u/s 139(1) on 3....

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....shown capital gains as per the provisions of section 50C. The submissions and explanations made by the assessee were rejected by the AO and he levied a penalty of Rs.1,39,305/- u/s 271(1)(c). The assessee preferred appeal before CIT(A). CIT(A) confirmed the action of the AO for the reason that the revision of return was done only after the receipt of notice u/s 148 and was not a voluntary revision....

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.... on record which suggests that the assessee has received amount over and above the sale value declared in the sale deed or purchaser has paid additional amount to the assessee. It was further submitted that the penalty proceedings are apart and separate from assessment proceedings and therefore the additions made in the assessment proceedings cannot be the basis for concluding that the assessee is....

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.... of these facts the AO was right in levying the penalty.   5. We have heard the rival contentions and perused the material on record. It is a fact that the addition has been made by the AO in the revisionary proceedings. The addition has been made on the basis of provisions of section 50C. It is not the case of the AO that the assessee has received consideration over and above than that de....