2016 (5) TMI 807

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....d by 15 days. An application for condonation of delay was filed in this regard. It was stated in the application that the assessee being a statutory body, the appeal was forwarded for the approval of higher authorities, which took substantial time and thereafter the counsel took about two weeks' time to prepare and send the appeal for signature of the authorized signatory. An affidavit of Shri Kewal Krishan Jain, Executive Officer, Municipal Corporation (Trust Cell), Yamuna Nagar, Jagadhri was filed in this regard. The learned D.R. did not object to the condonation of delay. We find the delay in filing the appeal to be unintentional and because of reasonable cause and hence, condone the same. 3. Before the learned CIT (Appeals), it w....

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....submission of inaccurate particulars does not apply since the assessee was not to gain any peculiar benefit by submitting inaccurate particulars. Further, reliance was placed on the judgment of the Punjab & Haryana High Court in the case of CIT Vs. Lakhani Foot Wear Ltd. (2012) 347 ITR 478. It was stated that in this judgment, it has been held that the fact that certain rental incomes were claimed to be the business incomes by the assessee, penalty for concealment or furnishing inaccurate particulars is not exigible on the same. 6. The learned D.R. relied on the order of the lower authorities and further argued that in fact, the assessee has made a wrong claim by claiming exemption under section 10(20) of the Act and also by claiming the....

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....ble Apex Court in the case of Reliance Petroproducts Pvt. Ltd. (supra) is not out of place since this is not a case where the assessee has concealed some particulars of its income or furnished any inaccurate particulars. IN fact, all the facts and figures have been taken by the Assessing Officer from the return filed by the assessee only. The argument of the assessee that if it had taken registration under section 12A of the Act, the whole income would be eligible for exemption under section 11 of the Act, is of no consequence. However, we find that the argument of the assessee that it is a Government organization and no malafide can be imposed on it, is a relevant consideration while levying penalty under section 271(1)(c) of the Act. 8....