TaxTMI 
TaxTMI 
2025 (5) TMI 1871
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....vide order dated 06.11.2023 passed for A.Y. 2014-15. 2. The Assessee has taken the following grounds of appeal:- "1. The order passed by NFAC is bad in law and required to be quashed. 2. Ld. NFAC erred in law and on facts in confirming penalty of Rs. 2,53,40,840/- u/s. 271(1)(c) of the Act under the limb furnishing of inaccurate particulars of income ignoring fact that full details are submitted in assessment proceedings regarding corpus donation. 3. Ld. NFAC ought to have considered fact that non acceptance of bona fide claim does not lead to furnishing inaccurate particulars of income which leads to penalty. 4. The order passed by lower authorities is required to be quashed as same is without recording proper satisfaction." 3. T....
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....rs of the association. During assessment proceedings it was held that these are, in fact, revenue receipts since these are received for sale of bovine semen to milk societies which use it to breed better quality milch cattle. It was held that the association was not providing any charitable service and was being compensated for its services. 3.4.2 The grounds are general and do not really add anything new to the arguments already taken during the penalty proceedings. Paras 4.1 to 4.5 bring out clearly the discrepancies in the arguments taken by the appellant and show the clear commercial and operational nature of transactions- based on a set formula, which belie the claims of the appellant that these are donations. The substance of the tr....
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....agreed to such accounting treatment by the assessee. Accordingly, the submission of the Counsel for the assessee was that just because a certain tax position with regards to these receipts which has been taken by the assessee, has not been accepted by the Tax Authorities, should not by itself lead to automatic levy of penalty for furnishing inaccurate particulars of income. 6. In response, Ld. D.R. placed reliance on the observations made by Ld. CIT(A) in the appellate order. 7. We have heard the rival contentions and perused the material on record. 8. We observe that the Income Tax Appellate Tribunal for the impugned assessment year in the assessee's own case, while dealing with quantum additions has decided this issue against the asses....
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....jarat High Court held that where assessee trust under bona fide belief treated voluntary contributions as corpus donation, Assessing Officer could not pass a penalty order under section 271(1)(c) while taking a view that said amount was taxable as income under Section 12 of the Act. While passing the order, the Gujarat High Court made the following observations: "6. Considering the aforesaid facts and circumstances and when it has been found that the assessee was under bona fide belief that he was legally entitled to treat Rs. 1,08,80,765 as corpus donation and when the learned CIT(A) accepted the contention on behalf of the assessee to the extent of Rs. 60,25,000 as corpus donation and with respect to Rs. 38,07,354, out of the aforesaid ....