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TMI Blog2013 (6) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... re this Court on account of alleged concealment of income and this Court had held that the assessee, who was under a bona fide belief on the basis of the advice received from his Chartered Accountant that the loss occurred as a result of destruction of asset was of revenue nature and claimed the same by way of deduction, the same cannot be held to be a case of concealment coming within the scope of Section 271(1)(c) of the Act. - No penalty - Decided in favor of assessee. - Tax Appeal No. 22 of 2013 - - - Dated:- 13-3-2013 - Akil Kureshi And Sonia Gokani,JJ. For the Petitioner : Mr. KM Parikh ORDER (Per : Honourable Ms. Justice Sonia Gokani) 1. Challenging the order of the Income Tax Appellate Tribunal dated 15.6.2012, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the Assessing Officer. The assessee preferred an appeal before the Tribunal. The Tribunal in quantum proceedings had modified the order of both the appeals and had directed the Assessing Officer to recompute reduced income of short term capital gain. 4. As far as penalty proceedings are concerned, the Assessing Officer levied the penalty to the tune of Rs.1.12 crores. When challenged before CIT(Appeals), it also concurred with the findings of the Assessing Officer. However, the Tribunal deleted the penalty by giving detailed order and relied on the decision of this Court reported in BTX Chemical P. Ltd. vs. Commissioner of IncomeTax reported in [2007] 288 ITR 196 (Guj). 5. Learned counsel Mr. Parikh has fervently submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not bring in any gain or loss nor would that affect eventually in the income tax proceedings. The Tribunal was of the opinion that transaction which had taken place by passing book entries and not by executing any conveyance deed and since this was a debatable issue and when the assessee has acted upon the advice of the Chartered Accountant it cannot be said to be an attempt on the part of the assessee to conceal any material facts. It also relied on the judgment of BTX Chemical P. Ltd. vs. Commissioner of IncomeTax( supra) wherein also the question of penalty had arisen before this Court on account of alleged concealment of income and this Court had held that the assessee, who was under a bona fide belief on the basis of the advice receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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