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2018 (4) TMI 627

wn will. It is also not in dispute that at the time of investment, the assessee was minor. After considering the totality of the facts that the issue of taxability of the income being debatable, we are therefore of the considered view that the authorities below were not justified imposing the penalty. Accordingly, we direct the AO to delete the said amount penalty. - Decided in favour of assessee. - ITA No. 5811/Del/2012 - 4-4-2018 - Mr. G. D. Agrawal, President And Mr. Kul Bharat, Judicial Member Assessee by Sh. Arun Kishore, CA Respondent by Sh. S.R. Senapati, Sr. DR ORDER Per Kul Bharat, Judicial Member Appeal by the assessee pertaining to the assessment year 2008-09 against the order of learned CIT(A)-XXI, New Delhi dated 21st August, 2 .....

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ticed that the assessee had withdrawn a sum of ₹ 6,68,367/- from her National Saving Scheme out of the entire sum the assessee had declared ₹ 61,795/- as interest income from the scheme. The Assessing Officer observed that as per the provisions of the scheme, the whole amount i.e. principal as well as the interest received thereon would be taxed in the year. The Assessing Officer subsequently on the basis of the revised computation computed that amount as income of the assessee. The Assessing Officer also initiated proceedings under section 271(1)(c) of the Act and subsequently a penalty of ₹ 1,88,640/- was levied vide order dated 31.3.2008. Against this, the assessee preferred an appeal before the learned CIT(A) who after .....

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thdrawal was also claimed by assessee in her Income Tax Return, against taxes payable and was also shown in the Original Computation of Taxable income filed during assessment proceedings. Assessee did not file any quantum appeal because assessee didn t analyze the law in depth in respect of major addition of ₹ 6, 06,572 on account of withdrawal of NSS. However, on analysis of the law on the point, it was submitted before the Ld. CIT(A) during the penalty appeal that the addition on this account was not to be made because assessee neither deposited the amount in NSS nor claim any deduction for her deposits u/s 80CCA. As the section which permitted the deduction u/s 80CCA ceases to be operative from AY 1992-93, the assessee was only min .....

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o the account of an assessee under the National Savings Scheme is paid on the death of the assessee to his legal heirs, the amount so paid will not fall within the ambit of section 80CCA (2) and, accordingly, the amount of such repayment will not be chargeable to tax in the hands of the legal heirs. Since legal heirs are not liable to pay tax on the amount received from NSS as the amount which is received by them does not get covered in the ambit of section 80CCA(2). In other words, the amount received by any person other than the assessee from NSS is not chargeable in his hands as he has not deposited the same in NSS and too, the deduction u/s 80CCA has not been claimed by him. An affidavit from assessee to this effect was submitted in fir .....

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ssessee was not justified in the first place because the mistake was pointed out by the assessee herself without the AO having knowledge of the mistake. Secondly, the receipt was partially returned by assessee (Interest component of ₹ 61795/-) of the fact of withdrawal of the principal amount also was apparent form computation of income submitted in assessment proceedings. Lastly, TDS deducted on the entire receipt (including principal and interest component, which far exceeded the amount of interest of 61795/-) was claimed in ITR and also shown in computation of income filed in the assessment proceedings. Under the circumstances, by no stretch of imagination, can it be said that the assessee has attempted to conceal particulars of he .....

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