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TMI Blog2022 (11) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. Thus, we do not find any iota of doubt in holding that the appellant is consciously and continuously mis-represented the facts and furnished inaccurate particulars of her income by making computation for this claim under Section 54EC of the Act and 54F of the Act. We therefore confirm the order passed by authorities below in imposing impugned penalty under Section 271(1)(c) of the Act. Assessee s appeal is dismissed. - I.T.A. No. 2094/Ahd/2018 - - - Dated:- 31-10-2022 - Shri Pramod M. Jagtap, Vice President And Ms. Madhumita Roy, Judicial Member For the Appellant : Shri S. N. Divatia, A.R. For the Respondent : Shri Mukesh Thakwani, Sr. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter filing of return. Hence, both the claims of the assessee were rejected and the entire amount was brought to tax and penalty under Section 271(1)(c) of the Act was initiated for concealing the income by furnishing inaccurate particulars of income intentionally to avoid tax liabilities. 4. We have heard the parties and we have perused the materials available on record. So far as the claim under Section 54EC of the Act to the tune of Rs.41,00,000/- is concerned, the assessee remained silent in regard to submission of the evidence in support of the said claim. Any debit entry in the bank account of the assessee was either found by which it could be established that the assessee had made payment towards purchase of long term assets i.e. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.81,50,000/-. The fact of purchasing readymade house property has also never been denied by the assessee even during the course of assessment proceedings or before the First Appellate Authority. The assessee had sold the original asset on 09.11.2012 and new property was purchased on 16.09.2015 which is beyond two years limit prescribed under Section 54F(1) of the Act and therefore, even otherwise the claim of deduction under Section 54F of the Act made by the assessee is found to be wrong. In this regard, the observation made by the Ld.AO in penalty proceedings is as follows: 4.1 On verification of the purchase deed made it clear that the property purchased is readymade RHP. The plot area is 150 Sq. Mtr. and building thereon 171.50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... original asset on 09/1.1/2012 and the new property was purchased on 16/09/2015 which is beyond two years limit prescribed u/s 54F(1) of the IT Act. It is therefore, the reply given by the assessee on 19/10/2015 in response to show cause notice issued on 07/10/2015 was nothing but the assessee had tried by giving colourful device for the first time with submission along with revised statement of total income to evade the tax liabilities for the wrong claim of deduction u/s. 54F of the Act, which was rejected by the A.O. In nut shell, the assessee had given falls statement and claimed deduction u/s.54F 54EC of the Act, were squarely not sustainable as discussed in the assessment order and facts brought on record. The A.O. in his asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of income and withdrew her claim made under Section 54EC of the Act, which further establishes the fact of making false and untrue statement during filing of return of income by her. So far as the claim of 54F of the Act is concerned, the assessee has purchased readymade property against the sale consideration received by her but the same was not done within the prescribed time under Section 54F(1) of the Act. 4.2 From the above fact, it is evidently clear that in the computation of total income furnished with the return of income for A.Y. 2013-14 filed on 14.03.2014, the assessee has done nothing but made an attempt to show less Long Term Capital Gain by making false claim under Section 54EC of the Act, without making any investment a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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