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2019 (7) TMI 28 - HC - Income TaxPenalty u/s 271(1)(c) - furnishing of income under an incorrect head - assessee shown stock appreciation rights (ESOP) and gain as capital gain in place of perquisites under salary - concealment of income or furnishing of inaccurate particulars of income - Tribunal deleted penalty - HELD THAT:- The assessee, who is a salaried employee, had disclosed the value of the stock appreciation rights and gain thereof and claimed the same as capital gain. However, the Assessing Officer treated the gain as a revenue receipt and levied tax. In such circumstances, whether it could have been stated that there was concealment of income or whether the assessee furnished inaccurate particulars of income. In our considered view, the Tribunal rightly held that it is nobody's case that the assessee concealed the allotment of stock appreciation rights or gain arising out of such appreciation. In fact, there had been a difference of opinion or difference in interpretation of the manner, in which, the assessee interpreted the returns. Therefore, when there were two opinions possible, it cannot be stated that the conduct of the assessee amounted to deliberate concealment of income with certain mala fide intentions. Revenue has not made out any case to interfere with the order passed by the Tribunal - Decided against revenue.
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