TaxTMI 
TaxTMI 
2012 (5) TMI 854
X X X X Extracts X X X X
X X X X Extracts X X X X
....O, JM This appeal by the assessee is directed against the order dated 26.11.2009 of the Commissioner of Income Tax (Appeals) arising from the penalty order passed u/s 271(1)(c) of the IT Act for the Assessment Year 2001-02. 2 The assessee filed his return of income showing income from house property, business income, capital gains and income from other source. While calculating the long term....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ppeals); but could not succeed. 3 Before us, the ld AR of the assessee has submitted that the date of purchase as mentioned by the assessee being Nov 1982 is due to bonafide mistake and not with the intention to take any advantage of misrepresenting or furnishing of inaccurate particulars of income. He has further submitted that the correct date of purchase was available with the Assessing Offi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... has relied upon the decision of the Hon'ble Supreme Court in the case of Commissioner of Income-tax v. Reliance Petroproducts Pvt. Ltd., reported in 322 ITR 158(SC). 3.1 The ld DR, on the other hand has vehemently contended that the assessee has given wrong date of indexation of the property and thereby offered minus income as capital gain. He has further submitted that the intention is not re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the explanation of the assessee is bonafide as borne out from the fact of furnishing of the details and documents showing the correct date of purchase, then mere mentioning of wrong date of purchase would not lead to the conclusion that the assessee has furnished inaccurate particulars of income or concealment of income. 4.1 It is pertinent to note that the Assessing Officer noticed this disc....