Held that the son of the assesseee has in his statement recorded u/s 132 (4) had admitted that the long term capital gain claimed as exempt was bogus claim. The assessee also filed an affidavit with drawing the claim u/s 10(38 ) of the Act.However in response to notice u/s 148 while filing the return the assessee has not withdrawn the claim from the return. Penalty order under S 271(1)(c) of the Act is affirmed. (AY.2014-15
Annapurna Boddu v. ACIT (2024) 229 TTJ 587 / 38 NYPTTJ 401 (Hyd)(Trib)
S. 271(1)(c) : Penalty-Concealment-Capital gains-Admitted the claim as bogus-Admitted in affidavit-The admitted claim was not shown as income in response to notice issued under section 148 of the Act-Levy of penalty is affirmed. [S. 10(38), 45, 132(4), 139,148]