ASST CIT 23(2), MUMBAI vs. LANCELOT NORMAN DSOUSA, MUMBAI
In the result, the appeal is dismissed
ITA 4318/MUM/2015[2008-09]Status: DisposedITAT Mumbai28 Jan 2019AY 2008-09
Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 Asstt. Cit-23(2), Matru Mr. Lancelot Norman Mandir, Room No. 122, 1St D’Sousa (Legal Heir Vs. Floor, Tardeo Road, Mr. Kenneth D’Sousa) Mumbai-400007 No. 4, 56, Hill Road, Bandra (West) Mumbai-400050. Pan No. Aaapd5070H Appellant Respondent Revenue By : Mr. B. Jaya Kumar, Cit- Dr Assessee By : Mr. Dr. K. Shivaram & Mr. Rahul Hakani, Ar Date Of Hearing : 01/11/2018 Date Of Pronouncement : 28/01/2019
For Appellant: Mr. Dr. K. Shivaram &For Respondent: Mr. B. Jaya Kumar, CIT- DR
Section 10(38)Section 143(3)Section 271(1)(c)
…is stated by him that it is only a change of head of income and therefore, penalty u/s 271(1)(c) is not leviable. In this regard, reliance is placed by him on the decision in CIT v. Bennett Coleman & Co. Ltd. (2013) 259 CTR 383 (Bom); CIT v. Amit Jain (2013) 258 CTR 88 (Del) and others. 7. We have heard the rival submissions and perused the relevant materials on record. The reasons for our decisions are given below. There is no dispute that the assessee has offered to tax short term capital gains of Rs.1,91,83,705/-. Also it claimed long term capital gains of Rs.16,93,88,051/- as exempt income as per provisions…
