TaxTMI 
TaxTMI 
2019 (5) TMI 436
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....Act?" 2. Respondent-assessee is a Trust. The assessee had filed a return of income for the assessment year 2009-10. Such return was taken in scrutiny by the Assessing Officer by issuing notice of scrutiny assessment on 27th September, 2010. When the assessment proceedings were pending, the assessee tried to rectify the return by making certain declaration and enlarging certain liability. Commensurate additional income Tax of Rs. 99,05,738/was also paid on 26th September, 2011. This was conveyed to the Officer by letter dated 15th November, 2011. While completing the assessment, the Assessing Officer held that revised return was non-acceptable, since it was filed after the last day for filing such revised return. He however, made no further....
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....re basically the affidavits of the accountant, Ld. Counsel for the assessee demonstrated that the mistake cannot be attributable to the assessee put his Chartered Accountants. He also submitted that similar errors were rectified in the group cases of the assessee and the Tribunal has deleted the penalty on similar cases on similar facts. 6. On the other hand, Ld. DR for the Revenue heavily relied on the orders of the AO and the CIT (A). 7. On hearing both the parties and on perusal of the paper book filed before us, we find there is wrong categorization of capital gains and loss and the same are evident from the papers filed before us. Therefore, we agree with the Ld. Counsel's argument that it is a case of wrong categorization of t....
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....er on surrendered the income to tax would not mean that the penalty should be initiated, failing which the deterrent effect of the penalty would disappear. 4. On the other hand, learned counsel Mr.Sheth for the assessee opposed the appeal contending that there was a bonafide error in claiming short term capital gain as dividend income. This error was committed by the accountant of the group assessees. All such errors were corrected whether the returns were taken in scrutiny or not demonstrating bonafide on the part of the assessee. He pointed out that the tax on the additional income was paid even before the Assessing Officer issued specific queries in relation to the return filed. He relied on the decision of the Supreme Court in case of ....