2025 (6) TMI 1036

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....chandran For The Revenue : Shri R.R. Makwana, Addl.CIT ORDER PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 24/12/2024 passed by NFAC, Delhi in relation to the penalty proceedings u/s. 271(1)(c) for the A.Y.2015-16. 2. The assessee is aggrieved by levy of penalty of Rs. 2,40,919/- u/s.271(1)(C). 3. The brief facts are that assessee ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... granted possession of the said property in part performance of the contract. However, according to the ld. AO, assessee should have offered capital gain in A.Y.2012-13 itself which was not offered. According to ld. AO the developer has constructed these flats and shops in the current year only and therefore, the said asset has come into existence in this year only and since assessee had sold the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... long term capital gain offered by the assessee should be taxed as short term capital gain. This penalty has also been confirmed by the ld. CIT(A). 4. After hearing both the parties and on perusal of the records, it is seen that assessee had offered long term capital gain in the A.Y.2015-16. According to him, assessee should have offered long term capital gain in A.Y.2012-13, subsequent to the ....