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TMI Blog2015 (10) TMI 2641X X X X Extracts X X X X X X X X Extracts X X X X ..... S.K.Mittal Respondent by : Shri Sudhir Sehgal for Shri Tej Mohan Singh O R D E R PER BHAVNESH SAINI,JM All the appeals by revenue are directed against different orders of ld. CIT(Appeals) Chandigarh dated 15.05.2014 for assessment year 2007-08, dated 04.04.2014 for assessment year 2007-08 and dated 05.11.2013 for assessment year 2008-09, challenging the cancellation of penalty under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eties who have entered into tripartite Agreement. The total consideration was settled + Allotment of one flat to the assessees. The assessees have furnished their return of income declaring sale consideration and capital gains. The Assessing Officer, however, noted that as per the agreements, the assessees shall have to receive the amount in cash as well as furnished flat. Therefore, it has more m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ITO V Shri Balwinder Singh Dhillon in ITA 1140/2014 for assessment year 2008-09 and vide order dated 03.08.2015, the departmental appeal on penalty has been dismissed. The findings of the Tribunal in para 5 are reproduced as under : "5. We have heard ld. Representatives of both the parties and perused the material available on record. The facts of the case of assessee are admittedly identica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of income or furnishing inaccurate particulars of income. The explanation of the assessee was bonafide and after passing the impugned order, when the Hon'ble Punjab & Haryana High Court in the case of Shri C.S.Atwal Vs CIT, Ludhiana (supra) has decided the identical issue in favour of the assessee, would clearly prove that it is not a fit case of levy of the penalty under section 271(1)(c) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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