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2016 (1) TMI 666 - ITAT MUMBAI

2016 (1) TMI 666 - ITAT MUMBAI - TMI - Penalty u/s 271(1)(c) - capital gains on the sale of the said 'user data' - CIT(A) deleted the penalty - Held that:- As the assessee was under bonafide belief regarding the non taxability of the amount received as consideration on sale of 'user data'. Even the AO in the original assessment proceedings had also agreed to the claim of the assessee. This fact itself shows that the issue was debatable. As all the particulars of the sale and the non taxability o .....

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t appeal has been preferred by the Revenue against the order dated 24.12.2012 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2005-06. 2. The Revenue has agitated the deletion of the penalty of ₹ 55,04,265/- levied by the Assessing Officer (hereinafter referred to as the AO) under section 271(1)(c) of the Act. 3. The brief facts of the case are that the assessee entered into an agreement with eBay International AG, Switzerland .....

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accordingly did not offer any capital gains tax on the said sale of 'user data'. During the course of assessment proceedings under section 143(3) of the Act, the assessee submitted the entire details regarding the sale of 'user data' and also its submissions regarding the non taxability of the same. The AO, after considering the submissions of the assessee, agreed that the consideration received by the assessee on account of sale of 'user data' was not taxable. However, .....

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