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TMI Blog2022 (4) TMI 666X X X X Extracts X X X X X X X X Extracts X X X X ..... sment Year 2015-16. 2. The assessee has raised the following grounds of appeal: 1. The Learned Commissioner of Income Tax (Appeals) is not correct in confirming penalty u/s 271(1)(C) on Unexplained Expenditure on Stamp Duty and Registration Charges made out of Undisclosed Income inspite of all evidences were available on records at the time of assessment proceedings. 2. The Ld. AO has not unearthed anything on his own which could be inferred that appellant has bona fined intention of concealed any income. On the contrary, appellant has furnished all the documents on the basis of which Ld. AO could find out that expenditure relating to stamp duty and registration fees are not accounted by the appellant. It there was any malafide intent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make the addition of the same in the assessment proceedings for which the assessee agreed. Thus, the AO was of the view that the assessee has concealed the particulars of income representing the stamp duty and registration charges amounting to Rs. 11,96,324/- only. Accordingly, the AO initiated the proceedings u/s 271(1)(c) of the Act, by issuing the show cause notice u/s 274 of the Act, dated 05/10/2017. In response to such notice, the assessee failed to make any reply. Thus the AO concluded that in the absence of any reply, the assessee has concealed the particulars of income and levied a penalty at Rs. 3,69,664/- being 100% of the tax amount sought to be evaded. 5. Aggrieved assessee preferred an appeal to the Ld. CIT(A). 6. The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he above discussion and on analyzing the present facts of the case we note that undeniably the impugned cost was incurred towards the purchase of the land which were duly disclosed in the income tax return. 11.1 Likewise, all the relevant property papers were duly filed by the assessee during the assessment proceedings which contains the details of the registration and stamp duty charges. The expenses which are in dispute for the imposition of the penalty have direct nexus with the cost of the properties purchased by the assessee which were duly disclosed. Thus it is transpired that there was no malafide intent on the part of the assessee to conceal the particulars of stamp duty and registration charges as the information for the same was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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