AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2020 (6) TMI 188
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 4. The penalty levied is submitted to be bad in law and on facts as notice issued is defective without pointing out the specific default resulting into non application of mind. In as much as that furnishing inaccurate particulars of income and concealment of income are both distinct and separate. 5. It has been wrongly observed that the assessee knowingly and deliberately furnished inaccurate particulars of income in as much as that under the bona fide belief the capital gain was not shown in the return of income. 6. The learned CIT(appeals) has erred in law and on facts in observing for justification of penalty that the decisions of Ahmedabad ITAT are different and distinguishable by simply making bald statement whereas the decisions of Ahmedabad ITAT relied upon squarely apply to the facts of the appellant. 7. On the facts no such penalty ought to have been levied. 3. The combined issue raised by the assessee is that the learned CIT (A) erred in confirming the penalty order without appreciating the fact there were no inaccurate particular furnished. Further the order is bad in law as the notice issued does not specify for which limb the proceeding w....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ppellant is a senior citizen and the capital gain was left to be shown due to clerical mistake of the staff due to oversight. Further contended that the capital gain was not shown due to bonafide and requested that the penalty may be deleted. 4.5. I have examined the facts of the appeal under consideration with respect to material available on record and found that the contention of the appellant is general and vague and does not have any supporting evidence and details. During the assessment proceedings, the AO specifically noted that the assessee has entered into the agreement and case was selected for this purpose under CASS and after detailed inquiry found the transaction which was not shown by the appellant in the return of income. It is undisputed facts that the appellant did not offer the same on his own to prove the bonafide therefore the contention of the appellant is not tenable. Thus the appellant furnished inaccurate particular of income and by way of not furnishing information of capital gain concealed the income. The appellant also relied on various decisions however facts are different and distinguishable from these case laws relied upon by the appe....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... "The conditions necessary for making out the defence of part performance to an action in ejectment by owner are: (i) that the transferor has contracted to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty; (ii) that the transferee has, in part performance of the contract, taken possession of the property or any part thereof or the transferee being already in possession continues in possession in part performance of the contract; (iii) that the transferee has done some act in furtherance of the contract; and (iv) that the transferee has performed or is willing to perform his part of the contract. If these conditions are fulfilled, then notwithstanding that the contract, though required to be registered, has not been registered or where there is an instrument of transfer, that the transfer has not been completed in the manner prescribed therefor by the law for the time being in force, the transferor or any person claiming under him is debarred from enforcing against the transferee any right....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Act. However, the meaning of the term inaccurate has been discussed by the Hon'ble Supreme Court in the case of Reliance Petroproducts (P) Ltd reported in 189 taxman 322 wherein it was held that the term 'inaccurate' signifies deliberate act or omission on the part of the assessee. As such, the details/information contained in the return of income /financial statements /audit report which are not correct according to truth, and were furnished by the assessee with the dishonest intent shall be treated as inaccurate particulars. In holding so, we find support and guidance from the judgment of Hon'ble Supreme Court in the case of Reliance Petroproducts (P) Ltd (supra). We are not concerned in the present case with the mensrea. However, we have to only see as to whether in this case, as a matter of fact, the assessee has given inaccurate particulars. In Webster's Dictionary, the word "inaccurate" has been defined as :- "not accurate, not exact or correct; not according to truth; erroneous; as an inaccurate statement, copy or transcript." We have already seen the meaning of the word "particulars" in the earlier part of this judgment. Reading the words in conjuncti....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s with a view of checking spread of Covid 19. The epidemic situation in Mumbai being grave, there was not much of a relaxation in subsequent lockdowns also. In any case, there was unprecedented disruption of judicial wok all over the country. As a matter of fact, it has been such an unprecedented situation, causing disruption in the functioning of judicial machinery, that Hon'ble Supreme Court of India, in an unprecedented order in the history of India and vide order dated 6.5.2020 read with order dated 23.3.2020, extended the limitation to exclude not only this lockdown period but also a few more days prior to, and after, the lockdown by observing that "In case the limitation has expired after 15.03.2020 then the period from 15.03.2020 till the date on which the lockdown is lifted in the jurisdictional area where the dispute lies or where the cause of action arises shall be extended for a period of 15 days after the lifting of lockdown". Hon'ble Bombay High Court, in an order dated 15th April 2020, has, besides extending the validity of all interim orders, has also observed that, "It is also clarified that while calculating time for disposal of matters made time-bound by this Cour....