TaxTMI 
TaxTMI 
2024 (10) TMI 925
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....iculars of income without appreciating the fact that the assessee had not offered Short Term Capital Gain u/s. 50 of the Act on sale of depreciable fixed asset as its income in return of income or during the scrutiny proceedings. ?" "2. Whether on the facts and circumstances and in law the Ld.CIT(A) was right in deleting penalty levied u/s. 271(1)(c) of Rs. 2,22,24891/ without appreciating the fact that the assessee offered income under the head STC Gain only after the AO issued specific show and not prior to that and the explanation submitted by the assessee was neither correct nor bonafide as the final accounts of the assessee were subject to tax Audit u/s. 44AB.?" "3. Whether on the facts and circumstances and in law the Ld.CIT(A) wa....
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....hat the Assessing Officer denied the claim of assessee, since the fixed assets being the land and building that was sold, was neither included in the return of income nor included in the computation of income. The Ld.AO in the assessment order, initiated penalty proceedings under section 271(1)(c) for concealing the particulars of income. During the quantum proceedings before the Ld.CIT(A), the assessee withdrew the ground of the claim pertaining to the short term capital gain. 2.3. The Ld.AO, thus vide notice dated 28/03/2014 proposed to levy penalty under section 271(1)(c) of the Act. In response to the show-cause notice, the assessee responded vide its letter dated 07/03/2014. The Ld.AO, after considering the submissions of the assessee....
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....aying to dispose of the legal proceedings against the present assessee vide letter dated 23/11/2018. It s also noted that none was present on behalf of the assessee. Considering the totality of the facts and talking into account the observations of the Ld.CIT(A), rejected any concealment in the case of the assessee, having regards to the records. 2.5. As evident from the aforesaid cl.(c) of s.271(1) of the Act, the words used are "has concealed the particulars of his income;; or, "furnished inaccurate particulars of such income";. In both situation of concealment and inaccuracy, the legislature has used phrase, "particulars of income". The legislature has not used the words; "concealed his income". This is the reason why various Hon'ble Hi....