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2014 (8) TMI 308 - AT - Income TaxReopening of assessment u/s 147 / 148 Held that:- The assessment is being reopened on going through the return of income and the documents filed alongwith the return of income - the assessee had given the note along with the return of income that the amount received under a non-compete agreement is not chargeable to tax - The assessment was completed under Section 143(1) and was reopened without any fresh material - Identical is the situation in the case of the assessee - The assessee had also given the note in the computation of income pointing out why the perquisites from the rent free accommodation is not chargeable to tax - No fresh material is brought by the Revenue on record but the assessment has been reopened on the basis of return of income and the documents submitted alongwith the return of income - Following the decision in THE COMMISSIONER OF INCOME TAX-V Versus ORIENT CRAFT LTD. [2013 (1) TMI 177 - DELHI HIGH COURT] and Commissioner of Income Tax-XVI Versus Shri Atul Kumar Swami [2014 (3) TMI 759 - DELHI HIGH COURT] - reopening of assessment is not valid Decided in favour of assessee. Penalty u/s 271(1)(c) Held that:- In the computation of income itself, the assessee has disclosed all the relevant facts - he has given the reason why the perquisite value of such rent free accommodation is not chargeable - Merely because this claim of the assessee is not accepted by the AO and perquisite value of the rent free accommodation was charged to tax, it cannot be said that the assessee concealed income or furnished any inaccurate particulars Relying upon CIT Vs. Reliance Petro products Pvt.Ltd. [2010 (3) TMI 80 - SUPREME COURT] the penalty levied u/s 271(1)(c) of the Act is set aside Decided in favour of Assessee.
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