2008 (4) TMI 732

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.... the IT Act, 1961 (hereinafter referred to as the "IT Act") against the order dt. 5th April, 2007 passed by the Income-tax Appellate Tribunal, Chandigarh, Bench-'B' (hereinafter called the Tribunal) in ITA No. 592/ Chd/2006 for the asst. yr. 2004-05, raising the following substantial question of law : "Whether on the facts and in the circumstances of the case, the learned T....

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....mpted under s. 10(36) of the IT Act when he had purchased shares before 1st March, 2003. In the reply filed by the assessee, it was stated that he was under the bona fide belief that profit on the sale of these shares was exempt under s. 10(36) of the IT Act and nothing in this regard has been concealed by him and this bona fide belief was based on the advice of his counsel. However, the AO did no....

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....al before the Tribunal on the ground that the assessee had wrongly claimed exemption under s. 10(36) of the IT Act as the said provisions were not applicable to the facts of the assessee's case and therefore, he had concealed his income by furnishing inaccurate particulars and therefore, the assessee is liable for imposition of penalty. The Tribunal, vide its order dt. 30th March, 2007 dismiss....

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.... IAC (1984) 43 CTR (P&H) 229 : (1984) 150 ITR 696(P&H) wherein this Court has held that no litigant should ordinarily suffer for the mistake of his counsel. It is also to be noticed that since the assessee had furnished all the details relating to the capital gains along with return of income, so it cannot be said that the assessee had concealed anything from the Revenue. Therefore, this may be a ....