TMI Blog2015 (3) TMI 1146X X X X Extracts X X X X X X X X Extracts X X X X ..... of the concealment of any material particulars of his income or having furnished inaccurate particulars of such income, so as to attract the provisions of section 271(1)(c) of the Act. - Decided in favour of assessee - I. T. A. No. 292 of 2014 - - - Dated:- 10-3-2015 - VINEET SARAN and MRS. S. SUJATHA, JJ. K. V. Aravind, Advocate, for the appellants. JUDGMENT The judgment of the court was delivered 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 assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to whether the benefit under section 54F of the Act has to be granted to the petitioner is pending decision before the High Court. Such appeal was filed to consider the following 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. Imposition of penalty under section 271(1)(c) of the Act is for concealm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a residential property, and whether in the circumstances the benefit has to be granted to the assessee, is yet not been determined, as such question is pending in appeal before this court. 7. As such, the Tribunal has after considering all the aspects of the case, concluded on the facts that the returns had been filed by the assessee and the claim made by him may not be incorrect inasmuch as there is no doubt that the assessee purchased a house within such period as contemplated under section 54F of the Act. The Tribunal thus held that the High Court having admitted the appeal of the assessee on substantial question of law as to whether deduction under section 54F of the Act is applicable or not, the imposition of penalty by the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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