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2010 (2) TMI 782 - ITAT, MUMBAIPenalty for Concealment of Income whereas the assessee has furnished particulars of income. - Held that:- The AO formed an opinion that the receipts received on account of restrictive covenant are revenue receipts and liable to be taxed in view of provisions of sec. 28(ii)(c). The Tribunal has knocked this view that in view of the provisions of sec. 28(ii)(c), the receipts are taxable. However, the Tribunal opined that part of the receipts may be treated as on account of restrictive covenant and part of the receipts may be treated as revenue receipt. There is also no dispute that the assessee has furnished particulars of income in respect to receipts received. In respect to these receipts, a specific note was given by the authority in their report which was enclosed along with the return. Therefore, this is not a case of furnishing any inaccurate particulars for the purpose of concealing any income. - decided in favour of Assessee.
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