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TMI Blog2023 (12) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee also had a claim that the balances of the advances received were refunded. There was absolutely no evidence proffered to show such refunds. AO made the addition, which though modified by the First Appellate Authority was restored by the Tribunal and which restoration was upheld by this Court. In the penalty proceedings the Tribunal relied on the First Appellate Authority s order and confirmed the penalty only with respect to the addition which was disallowed to be treated as advance for sale of land received from prospective buyers. We find no appeal having been filed by the Revenue against the order of the Tribunal. Hence, the penalty can be only to the extent of that confirmed by the Tribunal, though the entire addition is con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court in the appeal from the assessment order found that there is no evidence produced by the assessee to prove the amounts received as gift from his brother. Hence, the penalty imposed is justified and is upheld. Appeal partly allowed. - Honourable The Chief Justice And Honourable Mr. Justice Rajiv Roy (In Miscellaneous Appeal No. 635 of 2011) For the Appellant/s : Mr. Sriram Krishna, Advocate, Mr. Tushar Vaibhav, Advocate For the Respondent/s : Mrs. Archana Sinha, Sr. SC, Income Tax Deptt., Ms. Shilpi Keshi, Advocate In Miscellaneous Appeal No. 711 of 2011 For the Appellant/s : Mr. Sriram Krishna, Advocate, Mr. Tushar Vaibhav, Advocate For the Respondent/s : Mrs. Archana Sinha, Sr. SC, Income Tax Deptt., Ms. Shilpi Keshi, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of this case, the Tribunal has erred in not appreciating that based on disclosures in the Block Return every addition or disallowance does not straight away amount to concealment of income attracting penalty and that rejection of a claim made bona fide does not in every case entail penalty particularly when tax is levied at higher (penal) rate more so in the absence of any Explanation as appended to S. 271 (1) (c) which also is specifically excluded by S. 158 BFA? (ii) Whether on the facts and in the circumstances of the case, the Tribunal has erred in not appreciating that when two views on any issue arising from facts disclosed in the Block Return are possible, particularly when the assessee has furnished all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , stated to be advance received from prospective buyers, the First Appellant Authority had deleted the addition to the extent of Rs. 3.55 lakhs. On second appeal before the Tribunal, the entire addition was upheld, reversing the modification. It is seen from the judgment of this Court in M.A. Nos. 535 and 555 of 2007, the quantum appeals filed by the assessee that the addition of Rs. 7,00,000/- was confirmed by this Court. It is to be noticed that the Assessing Officer had specifically stated that the sale deeds as proffered by the assessee for the purpose of substantiating the advance received from prospective buyers was only to the extent of Rs. 5,74,000/-. The sale deeds proffered also did not show any advances having been received by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 54. The aforesaid disallowances were of the capital gains from the sale of three lands held by the assessee totaling Rs. 1,00,934/- one at Motihari and two at Muzaffarpur against which purchase of DDA residential flats were made at New Delhi. In the assessment order it was found that capital gains were disclosed in the original return filed but no deduction claimed under Section 54B and 54. The additions were sustained in the assessment order which was interfered with by the First Appellate Authority on the ground that they were declared in the regular return. The Tribunal reversed the order of the First Appellate Authority in the quantum appeal and restored the additions made, since they were never claimed in the original return filed. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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