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I.T.O. Ward 3 (4) , Chandigarh Versus Rameshwar Giri

2013 (6) TMI 823 - ITAT CHANDIGARH

ITA No. 1344/Chd/2012 - Dated:- 11-6-2013 - Sushma Chowla (Judicial Member) And T. R. Sood (Accountant Member) For the Appellant : Manjit Singh For the Respondent : Ajay Jain ORDER T. R. Sood (Accountant Member) This appeal is directed against the or .....

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ontested in appeal the additions/disallowance of exemption claimed u/s 10(37) on account of interest on enhanced compensation of compulsory acquisition on which penalty of concealment was imposed. 3. After hearing both the parties we find that during .....

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id enhanced compensation at ₹ 21,62,124/-. The assessee had claimed exemption of the total amount u/s 10(37) of the Act. On enquiry it was submitted that the total amount was exempt u/s 10(37) of the Act. The Assessing Officer did not agree and .....

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eneral impression that the total amount was exempt. This reply was not accepted and applying the decision of Hon'ble Supreme Court in case of K.P. Madhusudhanan V CIT (2001) 251 ITR 99 (S.C) levied penalty amounting to ₹ 6,41,330/- at the m .....

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h Court in case of CIT V. Karanbir Singh (2008) 303 ITR 231(PH). In any case the Hon'ble Supreme Court which reversed that decision has held that interest which is referable to Section 28 of Land Acquisition Act would form part of the compensatio .....

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s held that penalty is not leviable in view of the decision of Hon'ble Punjab & Haryana High Court in case of Bharat Lal Dagar (HUF) (supra). 5 Before us, the ld. DR for the revenue submitted that the assessee had not shown the income from in .....

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He also pointed out that it cannot be said that the assessee has made concealment because TDS was duly reflected in the return of income and interest income was also reflected though claimed as exempt. 7 We have heard the rival submissions carefully .....

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case of CIT V. Karanbir Singh (supra). This decision has been reversed by the Hon'ble Supreme Court by deciding the issue in case of CIT V. Ghanshuyam (HUF) 315 ITR 1. The return in this case has been filed on 30.9.2008, therefore, at the time of .....

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