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The Commissioner of Income Tax Versus M/s City Education Trust

2017 (9) TMI 488 - ALLAHABAD HIGH COURT

Levy of penalty u/s 271(1)(c) - income surrendered during Survey - receipt of cash by way of donations - Held That:- Tribunal is of view that penalty u/c 271(1)(c) is imposed only when there is concealment of income and furnishing inaccurate particulars of income.But in present case assessee has filed full particulars of income in return u/s 139 and within time and also paid tax. - Decision of the Supreme Court in the case of CIT Ahmedabad Vs. Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - S .....

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awal,Shakeel Ahmad ORDER Heard Sri Gaurav Mahajan, learned counsel for the appellant and Sri Shakeel Ahmad, learned counsel appearing for the respondent. The dispute in the present appeal relates to assessment year 2007-08. During the financial year 2006-07 relevant for the assessment year 2007-08 a survey was conducted on 10.08.2006. The assessee submitted its return for the above assessment year on 31.10.2017 and on the basis of aforesaid survey, surrendered a sum of ₹ 1,00,00,000/- alle .....

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eceived in donation was under compulsion and as such the assessee is guilty of not only furnishing inaccurate particulars but of non-disclosure of full and complete particulars for the purposes of assessment. The penalty order was set aside by the Commissioner of Income Tax and the same has been confirmed by the Income Tax Appellate Tribunal by the impugned order dated 09.08.2012. In the appeal following four questions of law have been raised:- "(I) Whether the ITAT was justified in law and .....

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ng the fact that the income shown in the returned income is the outcome of unexplained income detected during the survey proceedings? (IV) Whether the ITAT was justified in deleting the penalty when there was a clear cut case of concealment amounting to ₹ 97,98,465/- which was incurred in repair and renovation and which was also accepted by the Chairman who had stated that this was incurred out of cash donations received from various persons?" The effect of all of them is virtually th .....

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