Appeal granted, penalty under section 271(1)(c) for 2008-09 deleted.

The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) for the assessment year 2008-09.

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Issues:
1. Condonation of delay in filing the appeal.
2. Validity of penalty imposed under section 271(1)(c) for assessment year 2008-09.

Condonation of Delay:
The appeal was filed with a delay of 114 days, and the assessee sought condonation supported by an affidavit citing health issues and being abroad as reasons for the delay. The Departmental representative opposed the condonation. The Tribunal, after considering the reasons for delay, found them reasonable and condoned the delay, admitting the appeal for hearing on merits.

Validity of Penalty Imposed:
The Assessing Officer disallowed the assessee's claim of deduction under section 54F and initiated penalty proceedings under section 271(1)(c). The Commissioner (Appeals) upheld the penalty. The assessee argued that he was eligible for the deduction under section 54F, as the two flats purchased should be treated as one. The Tribunal noted that the issue was debatable as the definition of "a residential house" under section 54F has been subject to judicial interpretation. The Tribunal held that the mere agreement during assessment proceedings did not imply concealment of income. Therefore, the penalty under section 271(1)(c) was deleted, and the appeal was allowed.

Conclusion:
The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) for the assessment year 2008-09. The judgment was delivered by the Tribunal on May 6, 2016, with Saktijit Dey (Judicial Member) and Rajesh Kumar (Accountant Member) presiding over the case.

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