TMI Blog2020 (10) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... operty and the interest earned by those Fixed Deposit was inadvertently omitted to be taken into account. It is only an unintended omission on the part of the assessee. It is pertinent to mention that the decisions relied on by the ld. DR are not applicable to the facts and circumstances of these cases before us. Therefore, in the interest of justice, we hereby set aside the orders of the Ld. CIT (A) and further direct the Ld. AO to delete the penalty imposed as per section 271(1)(c) - Decided in favour of assessee. - ITA No.1538/Hyd/2017 - - - Dated:- 12-10-2020 - SMT. P. MADHAVI DEVI AND SHRI A. MOHAN ALANKAMONY, JJ. Appellant by: Shri P. Murali Mohan Rao Respondent by: Smt. K.J. Divya DR ORDER A. MOHAN ALAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty on the assessee for ₹ 66,908/- for the AY: 2005-06 by rejecting the plea of the assessee that inadvertently the interest income earned by the assessee was omitted to be taken into account. The Ld. AO had opined that only as a result of search the interest earned on Fixed Deposits maintained by the assessee in various banks was revealed and it was a wilful and conscious act of the assessee for concealing the particulars of income in order to evade tax. On appeal, the Ld. CIT (A) agreed with the view of the Ld. AO and thereby confirmed the order of the Ld. AO. 5. At the outset, we do not find any merit in the order of the ld. Revenue Authorities for imposing penalty on the assessee by invoking the provisions of section 271(1)(c) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits will arise only when funds are required for a specific purpose. In the case of the assessee-HUF it appears that the assessee took stock of the Fixed Deposits when they were in the process of purchasing the house property and the interest earned by those Fixed Deposit was inadvertently omitted to be taken into account. Hence, we are of the view that it is only an unintended omission on the part of the assessee. It is pertinent to mention that the decisions relied on by the ld. DR are not applicable to the facts and circumstances of these cases before us. Therefore, in the interest of justice, we hereby set aside the orders of the Ld. CIT (A) and further direct the Ld. AO to delete the penalty imposed on the assessee by invoking the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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