2021 (7) TMI 1225

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....he DR were heard at length. Case record carefully perused. 4. Briefly stated the facts of the case are that assessment in this case was completed on 31.03.2014 at an income of Rs. 9,29,05,950/- against returned income of Rs. 1,05,56,641/- after making addition of Rs. 20.59 lacs and Rs. 8.02 crores on account of short term capital gain and long term capital gain respectively on sale of urban land. 5. Penalty proceedings were separately initiated. The A.O. was of the firm belief that the consideration received by the assessee on transfer of agricultural land were subjected to capital gain tax and as the assessee did not offer the gains in his return of income, the A.O. was convinced that penalty is leviable u/s. 271(1)(c) of the Act for....

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.... the land under reference came within the distance of 8 Km. from the Municipal limits. The appellant has contended that this fact was not in the notice of the appellant. The appellant has also filed certificates from the Tehsildar, Sohna wherein it has been mentioned that prior to the revised notifications dated 02/06/2008 and 20/03/2010, the lands under reference, sold by the appellant on which capital gains have been computed were at a distance of more than 10 km from the municipal limit of Gurgaon. Copies of the confirmations from the Tehsildar in this regard are enclosed as Annexure A-1, A-2 and A-3. 3.9 It is evident from the facts discussed above that the lands under reference sold by the appellant on which capital gains have....