9911796707
TMI Blog2019 (3) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ecessary for claiming deduction of capital gain tax have been disclosed before the Learned authority and no fact had been concealed by the assessee. 2. Whether in the facts and circumstances of the case and in law, is it justified by the learned authority to levy penalty, whereby the property being used for residential purpose only. 3. Whether in the facts and circumstances of the case and in law, is it justified by the learned authority to levy penalty, even if assessee is not required to maintained books of accounts as per u/s 44AA read with rule 6F of Income Tax Act, 1961. 4. Whether in the facts and circumstances of the case and in law, is it justified by the learned authority to levy penalty, whereby mistake in claiming of deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the year 1981 and thereafter the assessee started living in the said house till the said same was transferred during the year under consideration. Since, the assessee was using property as her residential house therefore, the assessee while filing its return of income through her tax consultant has claimed deduction U/s 54 instead of section 54F of the Act. The ld. AR has referred to the copy of the family ration card, Voter ID Card, Electricity Bill, gas connection receipts and saving bank account in support of the claim that the assessee was using the property as a residential house prior to transfer during the year under consideration. Thus, the ld. AR has submitted that merely because the assessee has made a claim under wrong provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en, the assessee is covered by the provisions of Section 273B of the Act. 4. On the other hand, the ld. DR has relied upon the orders of the authorities below and submitted that the assessee has claimed the deduction U/s 54 despite the fact that the property sold by the assessee is a shop and not a residential house and consequently the assessee has deliberately furnished inaccurate particulars of income or concealment of particulars of income. Only when the Assessing Officer has issued a show cause notice the assessee has accepted the wrong claim and consequently the AO has made an addition after allowing the deduction U/s 54F of the Act. 5. We have considered the rival submissions as well as relevant material on record. The assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med as residential house. The assessee also produced before the Assessing Officer the sale deed from which the AO found that the property sold by the assessee is a shop and therefore, the deduction U/s 54 of the Act is not available but the deduction U/s 54F was finally allowed by the AO. Therefore, this is a clear case of the claim made under wrong provisions of Section 54 instead of U/s 54F of the Act. Further, the assessee has also produced the copy of the family ration card, Voter ID Card, Electricity Bill, gas connection receipts and saving bank account to establish the fact that the assessee was using the property in question for their residential purpose. These facts clearly make out a case that it was a bana-fide and inadvertent mis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
