2023 (8) TMI 33

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....espondent : Shri P. Sajit Kumar (JCIT)- Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aggrieved by confirmation of penalty u/s 270A for Rs. 4.12 Lacs for Assessment Year (AY) 2016-17, the assessee is in further appeal before us. The impugned order has been passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 12-05....

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....ted the deduction of Rs. 5 Lacs claimed by the assessee for each of the son and daughter. The Ld. AO held that registration was executed in the hands of the assessee and therefore, sale consideration could not be split in three parts as contended by the assessee, Therefore, the deduction of Rs. 10 Lacs was denied and LTCG were re-computed which have been accepted by the assessee. However, Ld. AO i....

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....r, Ld. AO held that the assessee committed default u/s 270A(9)(a) which provide that misreporting of income shall include misrepresentation or suppression of facts. Accordingly, Ld. AO imposed penalty of Rs. 4.12 Lacs. The Ld. First appellate authority confirmed the same against which the assessee is in further appeal before us. 4. The undisputed facts that emerge are that the assessee's husban....

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....or suppressed any material facts, All the computations were disclosed in the return of income and the same was furnished to Ld. AO also during the course of assessment proceedings. The assessee's claim that the amount so paid was to be considered as sum paid towards perfecting the title could not be said to be without any basis. Merely because the claim so made by the assessee was not accepted wou....