2013 (8) TMI 969

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....UDGMENT 1. Instant appeal has been filed by the Revenue u/S. 260A of the IT Act. 2. As it reveals from the record, the assessee filed original return of income on 17th Nov., 2004 for the asst. yr. 2004-05. However, at a later stage, a notice for reassessment u/S. 148 of the Act came to be issued to him on 16th July, 2007 and the revised return of income was filed by the assessee on 13th Aug.....

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....thholding income for which reassessment proceedings were initiated and the assessing authority was not justified in inflicting penalty upon the assessee u/S. 271(1)(c) of the Act for filing inaccurate particulars of income. 4. Against the order dt. 17th June,2011 of CIT (Appeals), the Revenue preferred further appeal before the Tribunal that came to be dismissed and the finding of the appellate....

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.... finally arrived at a conclusion that the income declared by the assessee from the long-term capital gain by selling agricultural land disclosed by the assessee in his revised return of income was accepted by the assessing authority and there was no material available on record by which there could be an inference drawn by the authority that it was a deliberate concealment on the part of the asses....