2015 (3) TMI 1146

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....held. In a further appeal filed by the assessee, the Tribunal has set aside the said order primarily on the ground that in the facts of the case there was neither any material concealment made by the assessee nor was penalty imposable. The Tribunal, while allowing the appeal of the assessee, cancelled the penalty imposed under section 271(1)(c) of the Act as unsustainable. Being aggrieved by the said order, the Revenue has filed this appeal. 2. We have heard the learned counsel, Mr. K. V. Aravind, for the appellants and perused the records. 3. The brief facts are that : The assessee had sold the property belonging to him (measuring 3250 sq. ft.) vide sale deed dated March 27, 2007. The assessee claimed deduc tion of an amount of Rs....

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....ction 271(1)(c) of the Act is for concealment of material particulars of income by the assessee or furnishing inaccurate particulars of such income. It is not the case of the appellant that the assessee had furnished inaccurate details with regard to the income derived from the sale and purchase of the properties. The question as to whether the assessee is to be given benefit under section 54 or section 54F of the Act, or is not to be given the benefit of either of these two sections, is yet to be finalised by the High Court, where the appeal against the assessment proceedings is still pending. 5. As is borne out from the records, the assessee had given full description of the property which was sold by him and had also given description....