TMI Blog2006 (7) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... ed its claim by not pressing the matter any further & paying the tax which was due – there was no concealment of income nor was there any attempt to hide any material facts – penalty u/s 271(1)(c) not justified - 852 of 2006 - - - Dated:- 10-7-2006 - MADAN B. LOKUR and VIPIN SANGHI JJ. JUDGMENT 1. The Revenue is aggrieved by an order dated September 16, 2005, passed by the Income-tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was remanded on the file of the Assessing Officer for a reconsideration of the matter. 5. When the matter was taken up by the Assessing Officer on remand the assessee admitted that the land was not agricultural land and surrendered its claim by not pressing the matter any further and paying the tax which was due. 6. Notwithstanding this, the Assessing Officer initiated penalty proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evised return it was merely contended that it was entitled to exemption since the land was agricultural land. There is nothing to suggest that the assessee concealed its income. The only dispute being whether the assessee was entitled to exemption as claimed or not. 10. In view of the fact that there was no concealment of income nor was there any attempt on the part of the assessee to hide any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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