2019 (4) TMI 1661

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.... (the Act) concerning AY 2010-11. 2. The captioned appeal of the assessee seeks to assail the imposition of penalty of Rs. 77,705/- imposed by the AO under s.271(1)(c) of the Act and confirmed by the CIT(A). 3. When the matter was called for hearing, the learned AR for the assessee at the outset referred to the assessment order and submitted that the satisfaction was formed by the AO for concealment of particulars of income while passing the assessment order under s.143(3) of the Act. However, while imposing the penalty under s. 271(1)(c) of the Act, the AO has charged the assessee with default in the form of furnishing inaccurate particulars of income to the extent of Rs. 4,77,102/-. The learned AR thus contended that in the absence of....

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....tice seeking pertinent details including bank statement which could have easily unearthed the capital gains not offered thus far. However, this by itself will not, in our view, propel a reasonable person to draw an inflexible inference that omission was deliberate. The totality of circumstances is required to be gauged. The intention requires to be seen from the conduct of the assessee. The assessee herein is a technical person and may not necessarily know the complicated tax laws. A perusal of land sale agreement suggests that the land was in the nature of agricultural land the gain on sale of which, under the popular belief, is not taxable. However, on objective consideration, it was found that such agricultural land was also required to ....