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2012 (5) TMI 785 - ITAT DELHIPenalty u/s. 158BFA(2) - Undisclosed Income/ Concealed Income - meaning of word ‘concealment’ and ‘inaccurate’ - Receipts from BCCI/DDCA/Ranji Trophy - as contended that assessee received receipt from representing Indian Cricket Team, thus not taxable - HELD THAT:- Assessee was under a bonafide belief that this income is exempted on the basis of CBDT Instruction no. 1432. Assessee’s case draws supports from the CIT., AHMEDABAD VERSUS RELIANCE PETRO PRODUCTS PVT. LTD. [2010 (3) TMI 19 - SUPREME COURT], thus it is held that the penalty on this account is not leviable. Receipts from Badiham Cricket Club, UK - Assessee contended that amount paid by the Club was for reimbursement of travel, boarding and lodging etc. but he was not able to submit the evidence for the same - Assessee has not been able to submit the evidence that the entire amount was reimbursement on travel, boarding expenses. Commissioner of Income Tax (Appeals) has granted estimated relief of 50% also - the issue is not a fit for levy of penalty u/s. 158BFA(2). Receipts from Sanspareils Green - Assessee was outside India and hence, he was not in a position to file the return in due time. This has lead to delay in filing of return and consequently, additions and penalty was levied - Assessee was prevented by sufficient cause in not filing the return on due time and hence, levy of penalty u/s. 158BFA(2) is not justified. Income from Quiz Programme - Assessee received some amount for participating in TV Sports Quiz. This addition was made only on the statement of the assessee and no document was seized on this account - Assessee was under a bonafide belief that receipt was not taxable. Hence, penalty u/s. 158BFA(2) is not leviable. Income from salary and interest treated as undisclosed return - CIT (A) has deleted the penalty on the salary part of the income. However, the interest income was directed to be assessed as undisclosed income - Assessee was eligible for deduction u/s. 80L. Hence, penalty on this issue is not leviable. Addition on account of alleged receivables as per seized paper - Some documents were seized. On the basis of handwriting of assessee on that paper, addition was made and penalty was levied - The addition has been made on the basis of loose document, which did not conclusively prove any concealment or furnishing of inaccurate particulars by the assessee. Hence, penalty u/s. 158BFA(2) is not leviable.
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