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2016 (11) TMI 801 - DELHI HIGH COURT

2016 (11) TMI 801 - DELHI HIGH COURT - TMI - Penalty under Section 271(1)(c) - entitled to the exemption under Section 54G - whether the explanation by the assessee that the non-reporting of income was on account of the belief held that the benefit accrued under Section 54G, on account of the advice of the CA was either a false explanation or no explanation at all [explanation 1(A)] or whether it was not bona fide [Explanation 1(B)] - Held that:- This Court is of the opinion that the exposition .....

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not bona fide, in the facts of this case, at least do not appeal to this Court. Being a finding of fact based upon broad probabilities, the Court is of the opinion that no substantial question of law arises. - Decided against revenue - ITA 300/2016 - Dated:- 8-11-2016 - S. Ravindra Bhat And Najmi Waziri, JJ. For the Appellant For the Respondent : Sh. Raghvendra Singh and Sh. Rahul Chaudhary, Advocates ORDER 1. In this appeal under Section 260A of the Income Tax Act, 1961 [hereafter the Act ], t .....

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at the capital gains gained and its utilization in the manner done in this case was entitled to the exemption under Section 54G. The assessee claimed a mistake and offered the gains. At the time of finalization of assessment, the AO issued notice under Section 271(1)(c) and separately passed penalty order to the tune of 24,75,000/-. The assessee s contentions were rejected by the Commissioner of Income Tax (Appeals) [hereafter CIT(A) ]. The Income Tax Appellate Tribunal (ITAT), by the impugned o .....

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he CA ] in this case was specious. It is submitted that every company is under a duty to have its account audited and the fact that the CA s services were utilised and that he made some alleged mistake did not absolve the assessee from its primary duty cast in law to reveal the correct income. 3. The ITAT in the impugned order reasoned as follows: 6. A perusal of record shows that the sale of capital asset was shown in the Profit and Loss Account. The Assessing Officer also admitted that it has .....

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ncome. As per law Lexicon, the meaning of the word particulars is a detail or details (in plural sense); the details of a claim or the separate items of an accounts. Therefore, the word particulars used in Section 271(1)(c) would embrace the meaning of the details of the claim made. It is an admitted position in the present case that no information given in the return was found to be incorrect or inaccurate. It is not as if any statement made or any detail supplied was found to be factually inco .....

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