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2018 (2) TMI 672 - HC - Income TaxPenalty u/s 271(1)(c) - concealment of income and for furnishing inaccurate particulars of income - disclosure of the capital gain tax - order of penalty passed by the AO came to be set aside by the Commissioner in exercise of his revisional powers under section 264 - Held that:- In terms of clause (a) of subsection (4) of section 264, revisional powers would not be exercised, inter alia, in a case where the period of limitation for filing appeal has not expired and the assessee has not waived the right of appeal. This is essentially to ensure that at the hands of the same assessee a single issue does not receive consideration at the hands of two separate and independent authorities, one exercising appellate jurisdiction and the other revisional jurisdiction. We find that the assessee had clearly made a choice to persuade the Commissioner of Income Tax to exercise his revisional powers under section 264 and not pursue his appeal before the Appellate Commissioner. The revisional authority therefore correctly proceeded to decide the revision petition of the assessee and on facts correctly allowed the same. This later observation needs no elaboration since the order of the Commissioner is self explanatory and eloquent. The assessee had made full disclosure of the capital gain tax and there was no failure on his part to give necessary details thereof.
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