2014 (8) TMI 1151

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....essee filed her return of income for A.Y. 07-08 on 31.08.2007 declaring total income at Rs. 6,67,204/-. The case was selected for scrutiny and thereafter the assessment was framed u/s. 143(3) vide order dated 16.11.2009 and the total income was determined at Rs. 8,01,510/-. During the course of assessment proceedings, Assessee filed revised return of income on 30.03.2009 declaring taxable income of Rs. 6,66,620/- by revising the short term capital gains. A.O noticed that Assessee had made excessive claim of exempt income under the head profit from sale of agricultural land amounting to Rs. 1,34,890/- which was purchased on 09.01.2004 but was shown by Assessee to have been on 09.01.2000 and accordingly the capital gain was considered as Long....

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....d of the correct date being 09.1.2004. He therefore submitted that immediately on noticing the mistake, Assessee voluntarily disclosed the gain as short term capital gain and revised income. He therefore submitted that Assessee has not concealed any particulars of income nor had filed any inaccurate particulars. He further submitted that it is not a case where the Revenue has detected the concealment or the explanation submitted by the Assessee was false. He therefore submitted that the penalty levied u/s. 271(1)(c) be deleted. He also placed reliance on the decision in the case of Bhagyodaya Group Co-op. Cotton Sale Ginning and Press Society Ltd. vs. ACIT (2010) 127 TTJ (Ahd) (UO1). The ld. D.R. on the other hand relied on the order of A.O....

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....concealed, for the purposes of clause. (c) of s. 271(1), and the penalty follows. On the other hand, if the assessee is able to offer an explanation, which is not found by the authorities to be false, and assessee has been able to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him, then in that case penalty shall not be imposed. 9. In the present case the assessee had during the course of assessment proceedings revised the return of income and the same was accepted by the A.O. Before us, no material has been brought on record to demonstrate that the submissions of the Assessee were false. When the assessee has furnished all the material facts relevant thereto, the disallowance ....