TMI Blog2023 (9) TMI 480X X X X Extracts X X X X X X X X Extracts X X X X ..... ome was under bonafide mistake/bonafide belief that the assessee can claim the entire charges of amount paid to the AUDA as Capital Gain as deduction under Capital Gain. The said standard belief or mistake cannot be termed as furnishing of inaccurate particulars or concealment of income. The decision of Hon ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P) Limited, [ 2010 (3) TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut appreciating the legal and factual position that in as much as the appellant had filed return of income disclosing the short-term capital gain. Penal provision of section 271(l)(c) is not attracted. 3. The Learned CIT(A) grossly erred in law and on facts of the case in passing the impugned order and levying penalty with respect to short term capital gain of INR 7,83,507/- in utter disregar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty order to the effect that appellant had submitted the default of concealment of income or furnishing the inaccurate particulars of income. 6. The Learned CIT(A) grossly erred in law and on facts of the case in passing the impugned order without considering the various judgments which were specifically brought to the notice of the CIT(A) in the written submission filed. 7. It is th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was initiated for furnishing of inaccurate particulars of income and notice under Section 174 read with Section 271(1)(c) of the Act was issued on 25.05.2016. In response to the said notice, the assessee filed its reply which was taken into account and the Assessing Officer imposed penalty of Rs. 1,92,000/- under Section 271(1)(c) of the Act. 4. Being aggrieved by the Penalty Order, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... particulars or concealment of income. The decision of Hon ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P) Limited, 322 ITR 158 is applicable in assessee s case. Therefore, the penalty does not survive. Appeal of the assessee is allowed. 8. In the result, appeal filed by the assessee is allowed. Order pronounced in the open Court on this 8th September, 2023 . - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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