2003 (1) TMI 55

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....61?" The relevant assessment year is 1992-93. The assessee-appellant is an individual and is carrying on the business of transport. In the preceding year, the assessee was a partner in Gautam Roadways but became a proprietor from the assessment year 1991-92. He filed the return on September 21, 1992. The appellant has sold his immovable property on April 26, 1991, for Rs. 5 lakhs and purchased two flats, one on May 6, 1991, and another on May 29, 1991, for a total sum of Rs. 5,56,000. The capital gain comes to Rs. 1,40,000. In the original return, the assessee claimed that as he has purchased the immovable property against the consideration received on the sale of house property on April 26, 1991, therefore, no capital gain tax is attrac....

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....el Mr. Ranka, submits that when the transaction regarding sale and purchase of the properties in question has been disclosed in the return, no penalty is attracted. Mr. Mathur, learned counsel for the respondents, submits that in the original return he has not shown any capital gain tax. In the revised return though he has submitted a note he has not furnished full and true particulars of the income, therefore, the penalty is attracted under section 271(1)(c) of the Income-tax Act, 1961. Heard learned counsel for the parties. The fact is not in dispute that year ending is March 31, 1992, and the assessee has filed the revised return containing a note which reads as under: "II. Capital gain--For the reasons given below. In vie....