TMI Blog2016 (11) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation which has been accepted by the CIT(A) and the Tribunal. In the present facts, undisputedly the income has been declared in the subsequent assessment years before the assessment proceedings for 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. - Income Tax Appeal No. 758 of 2014 - - - Dated:- 15-11-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Tejveer Singh for the appellant None for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challeng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent assessee contended that no penalty under Section 271(1) (c) of the Act is imposable. However, the Assessing Officer did not accept the above contention and imposed a penalty of ₹ 2.47 crores under Section 271(1)(c) of the Act upon the respondent assessee. This for concealing income by filing inaccurate particulars. 5. Being aggrieved, the respondent assessee preferred an appeal to the Commissioner of Income Tax (Appeals) [CIT(A)]. By order dated 30th June, 2011 the CIT(A) has rendered a finding of fact that the amounts received as advances in respect of dormant contracts and shown as current liability were in fact offered to tax during the subsequent Assessment Years i.e. Assessment Years 2008-09 and 2009-10 even befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsequent 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 assessment year. Merely because an addition has been made during the course of the assessment proceedings would not ipso facto lead to imposition of the penalty as the condition precedent for imposition of penalty under Section 271(1)(c) of the Act is filing of inaccurate particulars of income and / or concealment of income before the penalty can be imposed. The explanation offered by the respondent assessee for not having disclosed the income on dormant contracts in the subject Assessment Year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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