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2014 (4) TMI 551 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Assessee contended that it has furnished all the particulars of income and there is no concealment of income in the instant case and hence it is not a fit case for levy of penalty – Held that:- So long as a matter is pending before a court and has not attained finality, the right of the assessee to receive a particular amount would be incomplete, i.e. subject to the final outcome of the proceedings it cannot be treated as income in the hands of the assessee in the year of receipt as held in Commissioner of Income-Tax, West Bengal II Versus Hindustan Housing And Land Development Trust Limited [1986 (7) TMI 10 - SUPREME Court] - Even otherwise the assessee has declared the income in the computation statement and also given a note wherein specific reasons were mentioned as to why, in the opinion of the assessee, it is not taxable in the year under consideration - it cannot be said that the assessee has furnished inaccurate particulars of income – thus, it is not a fit case for levy of penalty – the order of the Penalty u/s 271(1)(c) set aside – Decided in favour of Assessee.
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