TMI Blog2020 (12) TMI 992X X X X Extracts X X X X X X X X Extracts X X X X ..... z., excusable failure to bring to the notice of the Court new and important matters or error apparent on the face of the record, a review cannot be entertained. The grounds canvassed in this review application were in fact argued in the appeal and the Court has taken into consideration the arguments and held against the assessee. As rightly pointed out by Ms.K.G.Usha Rani, learned Standing Counsel, the finding of this Court, more particularly, in paragraphs 6 and 12 is a clear answer to the grounds canvassed before this Court in this review application. Thus, in the absence of any grounds made out to exercise review jurisdiction of this Court, this review application has to necessarily fail. - Review Application No. 99 of 2020 - - - Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the reporting of capital gains pertaining to the sale of windmills and vacant lands? 3.The issue which was decided in the tax case appeal was whether, the penalty imposed on the petitioner/assessee under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) was sustainable in law. By judgment dated 25.08.2020, the tax case appeal was dismissed and the substantial questions of law were answered against the petitioner/assessee. 4.Ms.S.Yogalakshmi, learned counsel appearing for the petitioner/assessee submitted that the bonafides of the assessee was to be considered by this Court, as the assessee had disclosed the capital gains in the P L account which formed part of the income tax report filed by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for reviewing the judgment in the tax case appeal and all issues have been brought out by this Court by considering the submissions made by the petitioner/assessee when the appeal was heard. In this regard, the learned counsel has referred to paragraphs 4, 6 and 12 of the judgment dated 25.08.2020. Further, this Court in paragraph 12 of the judgment has considered as to how the assessee did not act bonafidely and the Court after considering the factual position has held that it is not only a case of filing inaccurate particulars, but also a case of concealment of income. Further, it is submitted that the review application may be dismissed. 8.Ms.S.Yogalakshmi, learned counsel for the petitioner/assessee would fairly submit that the rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nalogous to other two conditions, review cannot be granted. Therefore, the argument of Ms.S.Yogalakshmi, that she seeks to invoke the third limb of order 47 Rule 1(1) CPC is not acceptable, because the third limb has been explained to mean that unless any other sufficient reason is analogous to the other two conditions, viz., excusable failure to bring to the notice of the Court new and important matters or error apparent on the face of the record, a review cannot be entertained. The grounds canvassed in this review application were in fact argued in the appeal and the Court has taken into consideration the arguments and held against the assessee. 9.As rightly pointed out by Ms.K.G.Usha Rani, learned Standing Counsel, the finding of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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