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PR. COMMISSIONER OF INCOME-TAX Versus M/s BILAKHIA HOLDINGS PVT LTD

2016 (6) TMI 563 - GUJARAT HIGH COURT

Penalty levied u/s. 271(1)(c) - assessee had credited the profit on sale of shares claimed to have been received as a gift by way of family arrangement directly in to the capital reserve account instead of routing it through the profit and loss account which amounts to furnishing inaccurate particulars of income by the assessee and resulting in reduction of book profit U/s. 115JB - Held that:- Undisputed facts are that, all necessary declarations were made by the assessee with respect to the rec .....

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e of Price Waterhouse Coopers Pvt. Ltd. vs CIT and anr reported in [2012 (9) TMI 775 - SUPREME COURT] . - TAX APPEAL NO. 132 of 2016 - Dated:- 9-6-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENT : MR RK PATEL, CAVEATOR ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 08.05.2015 raising following question for our consideration: [A] Whethe .....

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115JB of the Act? 2. For the assessment year 2003-04 the assessee had filed return of income declaring total income of ₹ 37.65 lacs. During the course of the assessment, the Assessing Officer noted that the assessee had sold 86,25,000 shares for a sum of ₹ 2.43 crores (rounded off) and made profit of the said sum since the assessee claimed to have received such shares by way of gift pursuant to family arrangement. The assessee had not shown such profit in the profit and loss account .....

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nal hearing. 4. In the present appeal, however, we are concerned with the question of penalty. The Assessing Officer was of the opinion that by the above method, the assessee had evaded tax and was, therefore, liable to be visited with penalty under Section 271 of the Act. The assessee carried the matter in appeal. CIT (Appeals) deleted the penalty making following observations: 7.18 In the present case, as pointed above, there is no dispute that all the relevant facts material to the computatio .....

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d. This deeming fiction under section 271(1)(c) only shifts the onus of proof on the assessee, as this Explanation itself provides that a penalty can only be imposed (a) when there is no explanation by the assessee, (b) when the explanation given by the assessee is found to be false, and (c) when the assessee provides an Explanation which he fails to substantiate and he fails to prove that the explanation was bonafide and that all the facts necessary for the same and material for computation of .....

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