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2017 (6) TMI 16 - ITAT MUMBAIPenalty levied u/s 271 (1 )(c) - non-disclosure of capital gain on the sale of agricultural land under the bonafide belief of its non- taxability - Held that:- CIT-A has himself accepted that the assessing officer at the beginning was not clear as to whether it is a case of concealment of income or furnishing of inaccurate particulars of income. Assessee cannot be held guilty of contumacious conduct so as to warrant levy of penalty under section 271 (1) (c). This view is supported by the larger bench of honourable apex court in the case of Hindustan Steel Ltd., vs. State of Orissa [1969 (8) TMI 31 - SUPREME Court] Accordingly the conduct of the assessee was not contumacious so as to warrant levy of penalty under section 271(1)(c). This is more so when at the beginning of the enquiry the assessing officer was not clear as to whether there is a concealment of income or furnishing of inaccurate particulars of income. Accordingly we set aside the order's of authorities below and delete the levy of penalty. - Decided in favour of assessee.
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