2016 (11) TMI 803

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..... e Tax Act, 1961 (the Act) challenges the order dated 21st August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2007-08. 2. Mr. Tejveer Singh, learned Counsel appearing for the appellant Revenue urges the following reframed question of law for our consideration : (i) Whether on the facts and in the circumstances of the case .....

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..... penalty proceedings under Section 271(1)(c) of the Act. 4. In the penalty proceedings, the respondent assessee explained that the amounts of Rs. 7.35 crores shown as advances in respect of dormant contracts were in fact offered to tax in the subsequent Assessment Years 2008-09 and 2009-10. Consequently, the respondent assessee contended that no penalty under Section 271(1) (c) of the Act is impo .....

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..... in his order records the fact that the return of income for Assessment Years 2008-09 and 2009-10 were filed on 29th September, 2008 and 30th September, 2009 that is much before November, 2010. In these circumstances, the CIT(A) allowed the appeal of the respondent assessee and deleted the penalty of Rs. 2.47 crores under Section 271(1)(c) of the Act imposed by the Assessing Officer. 6. Being aggr .....

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..... Tribunal have rendered a finding of fact that these amounts / advances relating to dormant contracts have already been offered to tax for the subsequent assessment years i.e. Assessment Years 2008-09 and 2009-10. Moreover, both the authorities have found that the returns for Assessments Year 2008-09 and 2009-10 were filed much prior to initiation of the assessment proceedings for the subject asse .....

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..... the subject Assessment Year 2007-08 was initiated. Thus, the only issue which arises is about the year of taxability of income and it is certainly not a question of concealment of income and / or filing of inaccurate particulars of income by the respondent assessee. 8. The above concurrent finding of facts as well as the acceptance of the respondent assessee's explanation by CIT(A) and the T .....

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