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2018 (11) TMI 469 - ITAT JAIPURLevy of penalty u/s 271(1)(c) - unexplained investment in construction of house - recording of satisfaction - opinion of the registered valuer is not accepted - Held that:- The notice initiating the penalty proceedings is uncertain where he uses the expression “concealment particulars of income or furnished inaccurate particulars of income”. As during the penalty proceedings, he has given a decisive finding as reflected in the penalty order that the assessee is guilty of 'concealment of particulars of income' by not disclosing the investment in the construction of his house. As held in case of HPCL Mittal Energy vs Add. CIT [2018 (8) TMI 507 - ITAT AMRITSAR] the uncertain charge at the time of initiation of penalty has been made good and substituted with a conclusive default at the time of passing the penalty order and that in such a case, no fault can be found in the penalty order.” In such a case, we donot see any infirmity in the penalty order so passed by the Assessing officer and the contentions so raised by the AR in this regard are not accepted. Minor differences in estimation and consequent valuation are but natural and so long as fundamental methodology so adopted by the valuation officer are not disputed, such minor differences in valuation cannot form the basis for levy of penalty as held by various Courts including the Hon’ble Supreme Court in case of Dilip N. Shroff (2007 (5) TMI 198 - SUPREME COURT) wherein it was held that only because the opinion of registered valuer is not accepted or some other expert gives another opinion, is not by itself sufficient for arriving at a conclusion that the assessee had furnished inaccurate particulars attracting penalty u/s 271(1)(c). In light of the same, the penalty so levied u/s 271(1)(c) of the Act is hereby directed to be deleted in hands of Sh. Sapan Jain. - decided in favour of assessee.
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