TMI Blog2016 (11) TMI 1417X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the above facts and there is no lapse on the part of the assessee in filing the Return of income and the disputed issue of sharing success bonus is debatable to treat as capital or revenue and co-ordinate bench of this Tribunal in the assessee's husband case penalty issue [2015 (6) TMI 1129 - ITAT CHENNAI] wherein held that there is debtability on this issue. It is also undisputed fact that the Hon'ble High Court has admitted the appeal and the same is pending for final adjudication. Considering all these undisputed facts, we find no default in disclosure of information in the return of income by the assessee. Debatability is evident as narrated by the ld. Counsel for the assessee before us. On the other hand, the Revenue failed to prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued. The Ld. AR of the assessee appeared from time to time and filed the details. On perusal of the statement of Bank accounts the Assessing Officer found that the amount of ₹ 2,67,60,000/- was credited and on questioning the assessee has submitted that the payments are received from Randstad Holding NV as unconditional payment upon signing of agreement to withdraw the legal proceedings against Randstad NV by the assessee and surrender rights as per the original agreement with the company. The main issue being the assessee as claimed its capital receipt and claimed as tax free. The Assessing Officer dealt on factual aspects of assessee's transactions at page 2 to 4 of his order and also considered the detailed submissions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f ₹ 89,84,690/- vide order u/s. 271(1)(c) dated 30.07.2013. 4. Aggrieved, assessee filed appeal with CIT(A), the Ld. CIT(A) considered the facts and the grounds argued by the Ld. AR and found that the assessee has received an amount of 1 million Euros for forgoing the right to sue and initiate legal proceedings for breach of pre-emptive right to purchase shares held by M/s. Vedior Asia in M/.s Ma Foi Management consultants Ltd., The assessee is the director and assessee's husband K. Pandiarajan is the Managing director. The Ld. CIT(A) found that the quantum appeal of the assessee was admitted by the jurisdictional High Court vide Tax Case Appeal No. 92/2013 and issue debatable and relied on the decisions of the Hon'ble Supr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther emphasized that against the order of the co-ordinate bench of this Tribunal in quantum addition, the Hon'ble High Court of Madras has admitted the Tax Case (Appeal) No. 93/2013 and since issue has not become final and relied on the decisions of Hero Honda Motors Ltd. 14 ITR (Tribunal)161 (Delhi), CIT Vs. Liquid Investment and Trading Co (Delhi), TTK Health Care ITA No. 2028/M/2011 dated 20.06.2013 Chennai, where penalty cannot be levied in case where quantum of law is admitted by the High Court and supported his arguments with the decision of High Court in the case of CIT Vs. Nayan Builders and Developers (P) Ltd 89 CCH 187(Mumbai)., where the admission of appeal by the High Court as enough evidence of the issue being debatable a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon by the Assessing Officer in the penalty proceedings, the same are emanated from the return of income furnished by the assessee in normal course. There is also dispute on the nature of the said receipt whether it is a capital or revenue receipt. While the ITAT upheld the revenue nature of the receipt, the Hon'ble High Court admitted the appeal of the assessee. Therefore, we find debtability on this issue. It is also undisputed fact that the Hon'ble High Court has admitted the appeal and the same is pending for final adjudication. Considering all these undisputed facts, we find no default in disclosure of information in the return of income by the assessee. Debatability is evident as narrated by the ld. Counsel for the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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