2026 (7) TMI 489

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....f the Act. 2. The assessee in this appeal has taken following grounds of appeal:- 1. That the penalty order is contrary to the facts on record, since the assessment u/s 147 was completed accepting the assessee s revised computation with zero demand, establishing that the assessee had made a complete and true disclosure. 2. That the penalty imposed is arbitrary, excessive and deserves to be deleted. 3. That the appellant craves leave to add, amend, modify OR withdraw any ground of appeal before OR at the time of hearing. 4. That on the facts and in the circumstances of the case, the penalty order passed u/s 271(1)(c) is bad in law, void ab initio and liable to be quashed 5. That the Learned Ass....

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....with the revised computation disclosing the Long Term Capital Gains earned by him amounting to Rs.8,60,275/-. The income returned by assessee was accepted in the assessment framed u/s 147 of the Act. The penalty u/s 271(1)(c) of the Act for concealment/furnishing of inaccurate returns of income was levied on a Long Term Capital Gains of Rs.8,60,275/-, since it was disclosed by the assessee only in reassessment proceedings. The penalty levied was the tax on the income sought to be evaded amounting to Rs.1,79,036/-. 4. I have gone through the orders of the Authorities below and I have noted that, the said penalty has been levied by the AO and confirmed by the Ld. CIT(A) for the reason that the assessee had not disclosed the Long Term Capit....

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....the Assessing Officer or the Joint Commissioner (Appeals) or the Commissioner (Appeals) or the Principal Commissioner or Commissioner in the course of any proceedings under this Act, is satisfied that any person- ........ (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, or ........... Explanation 3.-Where any person fails, without reasonable cause, to furnish within the period specified in sub-section (1) of section 153 a return of his income which he is required to furnish under section 139 in respect of any assessment year commencing on or after the 1st day of April, 1989, and until the expiry of the period aforesaid, no notice has been issued to him un....