TMI Blog2012 (8) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... eceipt itself proves its bonafides. Even otherwise also, every instance of addition in the assessment proceedings does not ipso facto led to conclusion that an assessee is guilty of concealment etc. as the penalty proceedings are altogether different in nature. Deletion of penalty stands confirmed - Decided against Revenue - ITA No.2625/M/2011 - - - Dated:- 8-6-2012 - SHRI B. RAMAKOTAIAH, AND SHRI S.S. GODARA, JJ. Appellant by: Shri D.S. Sunder Singh, DR Respondent by: Shri Jignesh R. Shah, ARq ORDER PER S.S. GODARA, JM: This revenue s appeal challenges deletion of penalty by ld CIT (A) vide order dated 19.1.2011 imposed u/s 271(1)(c) by Assessing Officer, pertaining to Assessment Year 2007-08. 2. Brief fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arisen. Therefore, when in appeal, Ld. CIT (A) vide order dated 13.11.2009 held that the consideration had to be offered for taxation in AY 2007-08 (supra), it filed revised return and P L Account. 6. The AO did not accept the assessee s explanation. Held vide penalty order dated 28.6.2010 that conduct to be as a case of false explanation calling it as its failure to disclose all the material facts and particulars in assessment. Hence, imposed penalty @ 100% of the tax sought to be evaded i.e. 7,44,763/-. 7. In appeal, Ld. CIT (A) has deleted the penalty on the ground that the assessee had already disclosed the fact in the earlier year assessment i.e. AY 2006- 07. Per Ld. CIT (A), it showed that the assessee had never intended to conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t had been held that when the assessee had disclosed the income in the earlier assessment year i.e. original return of income as advance received, the same cannot be called as an act of concealment. 11. In rebuttal, the ld DR has submitted that facts of the case in Metal Rolling Works Ltd. and present appeal are different. 12. We have heard both the learned representatives in detail. Necessary findings in the orders passed by lower authorities as well as the relevant case law referred have been perused. Undoubtedly, the consideration was received in 2006-07. Agreement was signed in 2007-08. The assessee had disclosed the consideration amount in Assessment Year 2006-07. The Ld. CIT (A) vide order dated 13.11.2009 held that the said amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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