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TMI Blog2022 (8) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... red to as 'the Act') relating to the Assessment Year (A.Y) 2012- 13. 2. The brief facts of the case is that the assessee is a local authority notified by the Government of Gujarat under Gujarat Town Planning and Urban Development Act, 1976. For the Assessment Year 2012-13, the assessee field its return of income on 21.03.2013 declaring its total income at Rs. NIL. The return was processed u/s. 143(1) of the Act and then selected for scrutiny assessment determining total income of Rs. 4,25,77,239/- by disallowing the claim of exemption u/s. 11(2) of Rs. 2,65,76,340/- and u/s. 11(1)(a) of Rs. 89,67,794/- and disallowance of capital expenditure of Rs. 70,33,105/-. 3. Aggrieved against the same, the assessee filed an appeal before the Ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case in not appreciating the findings of the AO in the penalty order, wherein the AO has clearly brought out the default of the assessee in furnishing the inaccurate and or concealing the particular of income. iii. Whether the Ld. Commissioner of Income Tax (Appeals) has erred in law and on the facts of the case deleting the penalty levied of Rs.2,54,61,737/-relying on the decision of Hon. ITAT in ITA No.l02/Rjt/2016 for AY 2012-13 against which Tax Appeal 760/2019 was filed before the Hon. High Court and the decision Hon. High Court has not been accepted though further SLP, has not preferred on account of the quantum of tax involved. 6. The ld. D.R. Mr. James Kurian appearing for the Revenue in support of its grounds claimed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the said decision is pending before the Supreme Court. In the aforesaid premises, it is not necessary to set out the facts and contentions in detail. 5. For the reasons recorded in the decision of this court in the case of Ahmedabad Urban Development Authority v. Assistant Commissioner of Income Tax (Exemptions) (supra,), this court does not find any infirmity in the impugned order passed by the Tribunal so as to give rise to any question of law, much less, a substantial question of law, warranting interference. The appeal, therefore, fails and is, accordingly, summarily dismissed. 8.1. Thus, the quantum appeal itself is being allowed in favour of the assessee by granting exemption u/s. 11 of the Act, consequently penalty levi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not sustainable in law, by itself, would not amount to furnishing of inaccurate claim or furnishing inaccurate particulars regarding the income of the assessee. (B) CIT v/s. PHI Seeds India Ltd. (2008) 301 ITR 29, the Hon'ble Delhi High Court held that provisions of section 271(1)(c) are attracted only in those instances where the assessee has concealed the particulars of his income or has furnished inaccurate particulars of such income with an intention to mislead the revenue. (C) The Hon'ble Gujarat High Court in the case of National Textiles v/s. CIT (2001) 249 ITR 295 has held that for levying penalty u/s 271(1)(c) of the IT. Act, the Revenue has to prove animus i.e. conscious concealment or act of furnishing inaccurate pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption u/s. 11(2) of Rs. 11,70,10,332/- and u/s. 11(1)(a) of Rs. 2,74,03,835/- and disallowance of capital expenditure of Rs. 1,87,30,868/- and three additions on account of income not offered for taxation of Rs. 5,94,01,490/-. 13. Aggrieved against the same, the assessee filed an appeal before the Ld. CIT(A). The CIT(A) vide order dated 15.02.2016 partly allowed the appeal field by the assessee following the order passed by the ITAT in assessee's own case in ITA No. 102/Rjt/2016 for the Assessment Year 2012-13 wherein the Tribunal held that the assessee is eligible for exemption u/s. 11, being notified area development Authority. 14. Aggrieved against the same, the Revenue is in appeal before us raising the following Grounds of Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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