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COMMISSIONER OF INCOME-TAX AND ANOTHER Versus DR. HARSHA N. BILIANGADY

2015 (3) TMI 1146 - Karnataka High Court

Penalty u/s 271(1)(c) - whether deduction under section 54F of the Act is applicable or not? - Held that:- Where penalty is imposed in respect of any addition where the High Court has admitted the appeal on substantial question of law, then the sustainability of the addition itself becomes debatable, and in such circumstances penalty cannot be levied under section 271(1)(c) of the Act. Penalty can only be imposed for concealment of material particulars or furnishing of inaccurate particulars by .....

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ered by 1. Vineet Saran J.-This is an appeal filed by the Revenue whereby for the assessment year 2008-09 penalty has been imposed on the assessee alleging concealment of material facts. The order imposing the penalty by the Assessing Officer was challenged in the appeal, which was upheld. In a further appeal filed by the assessee, the Tribunal has set aside the said order primarily on the ground that in the facts of the case there was neither any material concealment made by the assessee nor wa .....

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uc tion of an amount of ₹ 1,32,53,129 under section 54 of the Act contending that he had purchased the residential house for such amount. Since the property sold by the assessee was a commercial building and deduction under section 54 of the Act could not be claimed, the assessee made a rep resentation claiming for deduction under section 54F of the Act. The claim for deduction under section 54F of the Act was also denied to the assessee on the ground that the house purchased by the assess .....

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ng substantial questions of law : "(1) Whether the Tribunal is right in deleting the penalty levied only for the reason that the assessee's petition has been admitted by the hon'ble High Court of Karnataka ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is right in setting aside the penalty levied under section 271(1)(c) of the Act even when all the ingredients of the said section are satisfied in the case of the assessee for levy of penalty ?" 4. .....

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these two sections, is yet to be finalised by the High Court, where the appeal against the assessment proceedings is still pending. 5. As is borne out from the records, the assessee had given full description of the property which was sold by him and had also given description of the property purchased by him. Merely because the assessee is not to be given the benefit under section 54 of the Act as the property sold by the assessee was not a residential property, in our view, it cannot be said .....

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