ANISH KUMAR Vs. CIT

JUDGEMENT

(1.) THE appellant -assessee challenges order dated 11 -6 -2013 passed by the Income Tax Appellate Tribunal, Amritsar order dated 24 -12 -2009 passed by the Commissioner of Income Tax (Appeals), Bathinda, and the assessment order.

(2.) COUNSEL for the appellant submits that penalty though reduced by the Income Tax Appellate Tribunal from 300% to 100%, is not leviable as no finding has been recorded that the appellant intended to evade tax or intentionally over -stated the cost of acquisition of land. It is further submitted that an inadvertent error, relating to cost of acquisition of the assets, has been wrongly held to be sufficient to invite penalty. The burden to prove intention to evade tax has not been discharged by the revenue, thereby rendering the penalty illegal and void.

(3.) WE have heard counsel for the appellant, perused the impugned orders and find no reason to hold that any substantial question of law, much less questions framed by the appellant, arise for adjudication. The appellant filed a return of income disclosing sale of land. Upon scrutiny of the return under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act'), it is discovered that the assessee had sold two properties on 30 -12 -2005 for a consideration of Rs. 1,26,04,166, allegedly, purchased in 1991 and 1996. After considering the documents on record, the cost of acquisition, vis -a -vis, the appellant, was found to be Rs. 70,078. The Assessing Officer also found that properties had been purchased on 29 -5 -1998 and not in the year 1991 -92 as claimed by the assessee. The assessee was unable to tender any explanation, thereby inviting additional tax as well as a penalty of 300%. The Commissioner of Income Tax (Appeals) dismissed an appeal filed by the assessee. Aggrieved by these orders, the appellant filed an appeal before the Income Tax Appellant Tribunal. The findings recorded by the Commissioner of Income Tax (Appeals) and the Assessing Officer were affirmed but the penalty has been reduced from 300% to 100% by taking a lenient view of the matter.