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2016 (12) TMI 1339 - ITAT DELHIPenalty order u/s 271(1)(c) - computation of long term/short term capital gain/loss undisclosed - surrender of additional income by way of revised returns - Held that:- After going through the record it can be seen that the assessee has filed return of income for almost ₹ 1,31,64,117/-and for which almost 45,69,387/- tax was paid. If the assessee wanted to conceal the income or filed inaccurate particulars then he would have not filed letter dated 6/12/2010 before the Assessing Officer and immediately paid the amount taxable on the income which inadvertently not place before the authorities at the relevant time. This was mentioned in the affidavit produced before the CIT(A). As per the Hon'ble Supreme Court in case of CIT Vs. Suresh Chandra Mittal (2001 (6) TMI 63 - SUPREME Court ) wherein it is held that though the assessee surrendered additional income by way of revised returns after persistent queries by AO once the revised returns have been regularized by Revenue the explanation of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bona fide and penalty under Section 271(1)(c) was not leviable. Thus, the act of the assessee cannot be termed as inaccurate furnishing of income or concealment of income. Therefore, the CIT(A) as well as the Assessing Officer should have taken this aspect into consideration. This was totally ignored by both the authorities. - Decided in favour of assessee.
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