2018 (2) TMI 2068

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l, Sr. D.R. ORDER PER S. S. GODARA, JUDICIAL MEMBER This assessee's appeal for assessment year 2011-12 arises against the CIT(A)-5, Vadodara's order dated 07.08.2015, in case no. CAB-5/318/2014-15, affirming Assessing Officer's action making imposing penalty of Rs. 14,71,190/- in his order dated 22.07.2014, in proceedings u/s. 271(1)(c) of the Income Tax Act, 1961; in short "the Act". ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ential status in order to plead bonafide inadvertence in not declaring the third sale deed and consequential capital gains. The Assessing Officer proceeded further to once again notice that the assessee had in fact purchased total area measuring 12,874 sq.mtrs. vide two sale deeds in the year 1992 and sold 11,910 sq.mtrs. through the impugned sale deeds leaving behind small parcel admeasuring 838 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... interest income addition hereinabove. He also initiated the impugned penalty proceedings alleging both concealment as well as furnishing of inaccurate particulars of income. The assessee did not file any appeal against the same. Quantum proceedings therefore attained finality at assessment stage itself. 3. We now come to the impugned penalty proceedings. The Assessing Officer passed the penalt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tly in USA and her caretaker manages all of her domestic chorus including tax matters. It is evident that she had not declared the third transaction, proportionate cost of acquisition and interest income at the first instance. The fact however remains that the impugned sale deeds pertain to the very survey numbers. We observe in these facts that possibility of overlapping in such an instance canno....