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TMI Blog2022 (11) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... hat quantum and penalty are parallel proceedings wherein each and every disallowance/addition made in course of the former does not ipso facto attract to penal mechanism as per CIT vs., Reliance Petro Products [ 2010 (3) TMI 80 - SUPREME COURT] . We thus note that even if the assessee is ultimately found to have not been able to prove her plot in question as a constructed one, that itself would not make him liable for the impugned penalty. We further make it clear that this is not the Revenue s case that assessee had not although re-invested his capital gains in a housing society plot which could not ultimately be completed owing to various issues amongst the members thereof. Assessee s appeal is allowed. - ITA.No.124/Nag./2017 - - - Date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion is an open plot which has been regularised in the name of Shri Pradeep Meshram. Also in regularisation letter built up area has been shown as Nil. These findings of the AO have also been reinforced as per local enquiry made for this new property. In fact, the appellant himself has than chosen then to surrender the claimed exempted amount and bring to tax LTCG of Rs.6,37,216/-. Similar is the case with interest income of Rs.50,807/- which has not been included in the return filed by the appellant and surrendered by the appellant when specifically being asked for by the AO. 4.1. From the perusal of the entire material on records, it is seen that the appellant has violated prescribed conditions for making the claim of exemption u/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and allowable. Filing of return does not tie down the hands of an Assessing Officer. A final decision depends upon the truthfulness of the particulars of income filed by the assessee. Therefore, phrase particulars of income appearing in section 271 (1)(c) has to be interpreted as facts leading to correct computation of income. So, it can safely be said that whenever any material fact is not filed or if filed but is inaccurate, penalty has to be imposed. 4.3. In the appellant s case claim for deduction has been made but the explanation furnished by it for making such a claim has not been found to be correct and bonafide. Similarly, no explanation been given for non-inclusion of interest income in his return. Thus, Explanation 1 to s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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