9911796707
TMI Blog2011 (9) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... the long term capital gain arising on surrender of tenancy rights and accordingly the assessee paid taxes under the head 'income from capital gains' at the rate of 20% - The penalty is imposed not because the amount offered by the assessee has been assessed under a heading other than the heading declared by the assessee, but the penalty has been levied on account of the fact that the declaration m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er disallowed the claim of the assessee by holding that the alleged agreement to surrender the tenancy is dated 7th October 1995, whereas the amount in question relating the alleged transfer of tenancy were credited to the account of the assessee's proprietary concern during the period from June 1995 to August 1995 i.e. prior to the alleged transfer of tenancy. Thus, the assessing officer rejected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as reduced the penalty to 100%. The order of the Commissioner of Income Tax (Appeals) has been upheld by the Tribunal. Challenging the aforesaid order, the assessee has filed the present appeal. 6. The argument advanced by the counsel for the appellant - assessee is that, in the present case, the assessee has neither concealed income nor furnished inaccurate particulars of income. Relying upon t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee in the return of income was that the amount of Rs.17,00,000/represents the long term capital gain arising on surrender of tenancy rights and accordingly the assessee paid taxes under the head 'income from capital gains' at the rate of 20%. The above declaration made by the assessee has been found to be false by the assessing officer and the same has been upheld by the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
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