9911796707
TMI Blog2013 (6) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Tribunal dated 15.6.2012, this appeal is preferred under Section 260A of the Income Tax Act ("the Act" for short) proposing following substantial questions of law:- "Whether Hon'ble Tribunal has erred in law in deleting penalty of Rs.1,12,89,700/levied under Section 271(1)(c) of the Income Tax Act by terming the underlying addition to be of debatable nature when it was not so and moreover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term capital gain arising out of such transfer of capital asset was added to the income of the firm by the Assessing Officer, who initiated penalty proceedings under Section 271(1)(c) of the Act. 3.3 Aggrieved by such order, the assessee approached CIT(Appeals). CIT(Appeals) dismissed the appeal of the assessee and confirmed the order of the Assessing Officer. The assessee preferred an appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antum proceedings, Revenue has approached this Court and the Tax Appeal is admitted being Tax Appeal No.627 of 2011. He further urged that CIT(Appeals) has elaborately dealt with the said issue and has rightly concluded along the lines of Assessing Officer and levied the penalty of 100%, which could be noted from the order at CIT(Appeals). The Commissioner noted that respondent assessee was aware ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at partners of the assessee formed bona fide belief that the withdrawal of the assets from one of the partnership firm and inducting the same to another partnership firm would 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instant case also, we are convinced that the Tribunal has committed no error in applying the decision of BTX Chemical P. Ltd. vs. Commissioner of IncomeTax( supra) to the facts of the case of the assessee respondent. From the overall facts and circumstances, as have been discussed by the Tribunal, it can be noted that there is no element of any concealment on the part of the assessee, who had act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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