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TMI Blog2014 (6) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... during the assessment proceeding they are confirmed by the appellate authorities do not justify the automatic levy of penalty - Penalty proceedings are totally different from the assessment proceeding though they are directly related with the assessment - assessee had requested to take on record hire claim of indexation – the assessee had not furnished inaccurate particulars or had concealed his income – thus, the order of the FAA is reversed – Decided in favour of Assessee. - ITA No. 6026/Mum/2012 - - - Dated:- 5-6-2014 - Sh. Vijay Pal Rao And Rajendra,JJ. For the Appellant : Shri D. C. Jain For the Respondent : Shri Maurya Pratap ORDER Per Rajendra, A. M: Challenging the order dated 13. 08. 2012 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnishing inaccurate particulars. 2. 1. Meanwhile, assessee filed an appeal before the First Appellate Tribunal (FAA) against the order of the AO who gave partial relief to the assessee. After considering the reply of the assessee, AO held that the assessee had wrongly took indexed cost of the flat as on 01. 04. 1981, that he was merely occupying the flat, and did not had ownership rights over the flat, that it was a case where the assessee took chance and show indexation cost at Rs. 21. 63 lakhs, that the actual indexation should have been shown at Rs. 1. 72 lakhs invoking the provisions of explanation 1 to section 271(1)(C) of the Act, he held that assessee had furnished an explanation that was not substantiated by it. Finally, he lev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs, during the assessment proceedings before the AO, he revised the claim of indexation and same was rejected by the AO. In our opinion, the revision of indexation claim was one of the arguments taken by the assessee during the assessment proceedings. During the assessment proceedings, assessee can plead various things. He can made alternative claims. But such arguments, pleadings, or submissions, in our opinion cannot be compared with filing of inaccurate particulars or concealing the particulars of income. Rejecting the alternate claim/pleadings of the assessee and disallowing such claims could be justified in quantum proceedings. Courts are of the view that disallowance/addition of any amount during the assessment proceeding they are con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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