2008 (2) TMI 320

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.... delivered by Rakesh Kumar Garg, J . - 1. The present appeal has been filed by the revenue against the order dated 18.4.2007 passed by the Income Tax Appellate Tribunal, Delhi Bench 'G' Delhi in ITA No.02(Del)2006 in the case of respondent-assessee for the assessment year 1995-96 raising the following substantial questions of law:-. " 1. Whether on the facts and in the circumstances of the c....

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....er of the Hon'ble ITAT is in contravention of the many judicial pronouncements including Thirupathy Kumar Khemka vs. Commissioner of Income Tax 210 CTR 287 (Mad)?" 2. Brief facts giving rise to this appeal are as under:- (i) The respondent-assessee is an agriculturist whose agricultural land was acquired by the Haryana Urban Development Authority (HUDA) and the assessee was awarded compensat....

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....48, the assessee did not file his return of income. The interest income of Rs.3,33,710/- on the enhanced compensation for the year under consideration was not declared by the assessee which worked out to Rs.3,33,710/-. Therefore, the interest income of Rs.3,33,710/- was assessed to tax as assessee's income from interest on enhanced compensation and penalty proceedings u/s 271(1(c ) of the Act were....

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....ssee on the fixed date. The Income Tax Officer, Ward-I(3), Faridabad vide his order dated 28.2.2005 held that he is satisfied that the assessee has not furnished the particulars of his income and thereby has concealed his income. Accordingly, penalty under Section 271(1)(c ) was imposed as under:- "Tax on returned income Rs. Nil Tax on income sought to be evaded Rs.1,08,484/- Minimu....