2018 (2) TMI 2068

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.... 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". Heard both the parties. Case file perused. 2....

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....rtence 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 sq.mtrs. whereas her long term capital gains co....

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....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 penalty order on 22.07.2014 levying the penalty in ques....

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....estic 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 cannot be completely ruled out. So is the case that once....