2016 (1) TMI 666

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.... PER: SANJAY GARG: The present appeal has been preferred by the Revenue against the order dated 24.12.2012 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2005-06. 2. The Revenue has agitated the deletion of the penalty of Rs. 55,04,265/- levied by the Assessing Officer (hereinafter referred to as the AO) under section 271(1)(c)....

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....assessee submitted the entire details regarding the sale of 'user data' and also its submissions regarding the non taxability of the same. The AO, after considering the submissions of the assessee, agreed that the consideration received by the assessee on account of sale of 'user data' was not taxable. However, subsequently the assessment was reopened under section 147 of the Act. ....

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....itself shows that the issue was debatable. He further observed that all the particulars of the sale and the non taxability of the capital gains were fully and duly disclosed in the return of income and also during the assessment proceedings. Hence, it was not a case of furnishing of inaccurate particulars of income or concealment of income. He therefore deleted the impugned penalty. 5. After he....