2002 (1) TMI 954

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..... er - These two appeals are directed against separate orders of Commissioner (Appeals), Surat both for assessment year 1988-89. For the sake of convenience, these appeals are decided together. 2. The Assessing Officer imposed penalty of Rs. 15,900 under section 271(1)(a) on account of non submission of return of income and penalty of Rs. 63,576 under section 271(1)(c) on account of concealment o .....

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..... band. He further submitted that the assessee and her husband were on the bona fide belief that capital gains was not attracted on sale of gold ornaments made out of gold received from the Government on maturity of National Defence Gold Bonds, 1980. It is further submitted by the ld. AR that some body informed the husband of the assessee that there was no tax payable on the income on sales of gold .....

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..... ITR 326 in which it has been held that there is no presumption that every person knows the law. The ld. AR has pointed out that the assessee has paid tax of Rs. 31,789 and on that amount interest under section 139(8) was paid at Rs. 41,087. In view of above facts and circumstances, the ld. AR urged for cancellation of penalty. On the other hand, the ld. DR has supported the order of the Assessing .....

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