LAXMICHAND JAGSHI VORA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE petitioner is aggrieved by the order passed by the CIT on 28.02.2012 under Section 264 of the Income Tax Act, 1961 (for the short 'Act') whereby the revision application filed in connection with an addition made in the assessment order under Section 143(3) dated 27.12.2010 has been rejected.

(2.) THE assessment year involved herein is A.Y. 20082009.

(3.) IN the scrutiny assessment proceedings for the assessment year 20082009 pursuant to a query raised by the Assessing Officer (A.O.), the assessee by his letter dated 10.12.2010 specifically informed the A.O. that no immovable property was sold or purchased during the assessment year in question. When confronted with the information received from the office of the SubRegistrar, Thane, the assessee by its letter dated 23.12.2010 admitted to have purchased Flat No. A46 by paying cash amount of Rs.9,74,775/. By the said letter, the assessee offered to pay tax on the entire cash amount of Rs.9,74,775/ paid to the developer and also agreed to pay tax on the amount of the stamp duty and the registration charges paid thereon. In accordance with the above statement, the assessment order was passed on 27.12.2010 and after initiating penalty proceedings, penalty under Section 271(1)(c) of the Act was imposed by order dated 22.06.2011.