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Income Tax Officer Versus M/s Ebay India Pvt Ltd

2016 (1) TMI 666 - ITAT MUMBAI

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' .....

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disclosed in the return of income and also during the assessment proceedings. Hence, it was not a case of furnishing of inaccurate particulars of income or concealment of income. - Decided in favour of assessee - ITA No.2371/M/2013 - Dated:- 31-12-2 .....

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nue 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 t .....

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consideration of US$ 6,50,000/-. The assessee disclosed the entire details relating to the above sale of 'user data', in the return of income. The assessee considered the 'user data' as a self generated capital asset and its cost of a .....

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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 .....

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d under section 147 of the Act. In the reopened assessment proceedings, the AO considered the cost of acquisition of the 'user data' as nil and accordingly taxed the capital gains on the sale of the said 'user data'. The assessee did .....

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against the levy of the penalty. 4. Ld. CIT(A) deleted the penalty observing that 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 .....

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