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2018 (7) TMI 2002 - AT - Income TaxPenalty u/s 271(1)(c) - whether the gain arising on appreciation rights is a capital gain or revenue receipt? - classification of income - concealment of income or whether the assessee have furnished inaccurate particulars of income - HELD THAT:- It is nobody’s case that the assessees have concealed the allotment of Stock Appreciation Rights or gain arising out of such appreciation. As rightly pointed out by assessee the difference of opinion between the assessee and AO is on classification of head of income. In other words, whether the gain arising on appreciation rights is a capital gain or revenue receipt. This Tribunal is of the considered opinion that the classification of head of income is depending upon the understanding of the scheme and provisions of Income-tax Act. There may be difference of opinion among various authorities on classification of head of income. Therefore, a mere difference of opinion between the assessees and the AO or other Revenue authorities on classification of income under different heads cannot be construed as furnishing of inaccurate particulars of income or concealing any part of assessee’s income. This Tribunal is of the considered opinion that it is not a fit case for levy of penalty under Section 271(1)(c) - Decided in favour of assessee.
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