2014 (12) TMI 1178

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l 2. The Revenue is aggrieved by the deletion of the penalty imposed u/s. 271(1)(c) of the Act in respect of Long Term Capital Gain on sale of shares offered by the assessee for tax as 'Income from other sources" pursuant to a survey action u/s. 133A of the Act. 3. At the very outset, the Ld. Counsel for the assessee stated that on identical set of facts, the Hon'ble Jurisdictional High Court in Income Tax Appeal No. 1111 of 2011 has confirmed the deletion of the penalty in the case of one of the group member Shri Rishi R. Oswal HUF, 4. The Ld. Departmental Representative could not bring any distinguishing facts/decision on record. Respectfully following the decision of the Hon'ble Jurisdictional High Court (supra) which has been f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the assessee on 18.1.2007 declaring total income of Rs. 66,38,096/- as against the returned income of Rs. 9,54,828/- which also included gift of Rs. 12,00,000/-. The assessee was asked to explain why she has not added 20 lakhs which was offered by her during the course of the survey. 6.2. On receiving no plausible reply, the AO completed the assessment by also making the addition of Rs. 20,00,000/- as gift as income of the assessee and initiated penalty proceedings. 7. During the course of the penalty proceedings, the assessee stated that no incriminating documents or other material was found to the notice of the authorized officer and there was no evidence or materials gathered in respect of various gifts received by the assessee and....