2014 (12) TMI 1180 - AT - Income Tax

Levy of penalty u/s. 271(1)(c) - gifts received - revenue is aggrieved by the deletion of the penalty in respect of Long Term Capital Gains offered by the assessee for tax as income from other sources pursuant to survey action u/s. 133A of the Act - Held that - The facts in issue are identical to the facts in issue in the case of Mrs. Rashila R Oswal 2014 (12) TMI 1178 - ITAT MUMBAI for A.Y. 2005- 06. For our detailed reason given in the appeal of Mrs. Rashila R. Oswal and on findings the facts in issues in these appeals to be identical, the appeal filed by the assessee is dismissed and the appeal filed by the Revenue is also dismissed.

Summary

Issues: Cross-appeals by the assessee and the Revenue for A.Y. 2002-03, 2004-05, and 2006-07 regarding penalty under section 271(1)(c) and Long Term Capital Gains.

Analysis:

1. A.Y. 2002-03 - Assessee's Appeal:
The appellant contested the penalty under section 271(1)(c) for gifts received, while the Revenue challenged the deletion of the penalty for Long Term Capital Gains treated as income from other sources post a survey under section 133A. The Tribunal noted similarities with another case and dismissed both appeals based on those findings.

2. A.Y. 2004-05 - Revenue's Appeal:
Similar to the previous year, the Revenue disputed the removal of the penalty on Long Term Capital Gains declared as income from other sources following a survey under section 133A. The Tribunal referenced a previous case, found the issues identical, and consequently dismissed the Revenue's appeal.

3. A.Y. 2006-07 - Revenue's Appeal:
In this instance, the Revenue appealed against the elimination of the penalty concerning Long Term Capital Gains considered as income from other sources after a survey under section 133A. Citing consistency with a prior case, the Tribunal dismissed the Revenue's appeal based on the identical nature of the issues.

The Tribunal consolidated the hearings and issued a joint order for convenience. The judgments across the years reflected similar circumstances and decisions, leading to the dismissal of both the assessee's and the Revenue's appeals. The final decision was pronounced in an open court on 12th December 2014, maintaining the consistency in the application of legal principles and interpretations across the cases involved.