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TMI Blog2023 (7) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... ER WASEEM AHMED ACCOUNTANT MEMBER: The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi, (in short "Ld. CIT(A)") arising in the matter of penalty order passed under s. 271(1)(c) of the Income Tax Act 1961 (here-in-after referred to as "the Act") relevant to the Assessment Year 2014-15. 2. The only i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alty proceedings u/s 271(1)(c) of the Act, which came to be confirmed by the AO for Rs. 19,628/- being 100% of amount of tax sought to be evaded on account of concealment of particulars of income. The action of the AO was subsequently confirmed by the Ld.CIT(A). 4. Being aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us. 5. The Ld. AR before us filed a paper book runni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e under which charge penalty u/s 271(1)(c) of the Act, should be imposed. Thus, in such facts and circumstances the penalty u/s 271(1)(c) of the Act, cannot be levied. 6. On the other hand, the Ld. DR vehemently supported the order of the authorities below. 7. We have heard the rival contentions of both the parties and perused the materials available on record. On perusal of the computation of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovision of the Act. 7.2 Nevertheless, the income disclosed by the assessee has been assumed as business income and not the income under the head capital gain. At the most, such disclosure can be said as inaccurate claim made by the assessee which cannot be equated with the inaccurate particulars of income. In this regard, we place our reliance on the judgement of the Hon'ble SC in the case of CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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