Assessee sold a plot of land and received consideration in several instalments in different assessment years. \u00a0During relevant assessment year, assessee offered to tax amount of consideration which was received during previous year . \u00a0An assessment order was passed . \u00a0Later on, Assessing Officer issued a reopening notice against assessee raising objection with manner in which capital gains from sale agreement with respect to said plot was offered to tax by assessee on receipt basis . In response to same, assessee filed return withdrawing amount of capital gains and offering to tax capital gains on entire sale consideration . \u00a0Assessing Officer completed reassessment and taxed capital gains arising on entire sale consideration for relevant assessment year . \u00a0He also levied penalty under section 271(1)(c) on assessee for furnishing inaccurate particulars of income as a result of default committed by assessee in not offering capital gains arising out of entire sale consideration in relevant assessment year .\u00a0 The levy of penalty was affirmed by the CIT (A) and Appellate Tribunal . On appeal the appellant \u00a0contended that there was a complete disclosure by assessee and, therefore, it was not a case of assessee furnishing inaccurate particulars of income or of concealing particulars of income . \u00a0It was noted that it was quite evident that assessee had declared full facts and sale agreement at first instance . \u00a0Full factual matrix or facts were before Assessing Officer while passing asessment order . The \u00a0assessee had never suppressed any material fact from revenue \u00a0it was another matter that claim based on such facts was found to be inadmissible .This was not same thing as furnishing inaccurate particulars of income as contemplated under section 271(1)(c) \u00a0. High Court deleted the penalty . \u00a0(AY. 2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty \u2013 Concealment \u2013Capital gains \u2013 Year of taxability – Offered on the basis of consideration received \u2013 In response to notice u\/s 148 the entire consideration was offered and accepted \u2013 levy of penalty is held to be not justified for furnishing in accurate particulars of income [ S.45 , 147 ,148 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19870","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5au","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19870"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19870\/revisions"}],"predecessor-version":[{"id":19871,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19870\/revisions\/19871"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}