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TMI Blog2013 (10) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... mean that the assessed is guilty of either furnishing inaccurate particulars or attempting to conceal its income. Imposition of penalty on the assessee is not justified - Following decision of PricewaterhouseCoopers Pvt.Ltd. Vs. CIT and Another [2012 (9) TMI 775 - SUPREME COURT] - Decided in favor of assessee. - ITA Nos. 6256/Del/2012, 6257/Del/2012 & 6258/Del/2012 - - - Dated:- 11-10-2013 - Shri G. D. Agrawal And Shri I. C. Sudhir,JJ. For the Appellant : Shri Ved Jain, Advocate and Shri V. Mohan, CA. For the Respondent : Ms. Y. S. Kakkar, Sr. DR. ORDER Per G. D. Agrawal,VP : ITA No.6256/Del/2012 :- This appeal by the assessee is directed against the order of learned CIT(A)-I, New Delhi dated 16th October, 2012 for the AY 2002-03. 2. The only ground raised in this appeal is against the levy of penalty of Rs. 1,25,000/- imposed under Section 271(1)(c) of the Income- tax Act, 1961. 3. The facts of the case are that the assessee filed the return declaring loss of Rs. 44,37,933/-. The Assessing Officer completed the assessment under Section 143(3) accepting the loss declared by the assessee. Later on, from a perusal of the case record, it was noticed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chartered Accountants and, therefore, it cannot be accepted that non-disclosure of book profit for the purpose of Section 115JB was an inadvertent omission. She stated that on these facts, the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. Zoom Communication Pvt.Ltd. - (2010) 327 ITR 510 would be squarely applicable. She further submitted that learned CIT(A) has discussed the facts and legal issue in detail and has rightly sustained the penalty levied under Section 271(1)(c) of the Act. The same should be sustained. 6. We have carefully considered the submissions of both the sides and perused the material placed before us. We find that the issue is squarely covered in favour of the assessee by the decision of Hon'ble Apex Court in the case of PricewaterhouseCoopers Pvt.Ltd. (supra), wherein their Lordships held as under:- "17. Having heard learned counsel for the parties, we are of the view that the facts of the case are rather peculiar and somewhat unique. The assessee is undoubtedly a reputed firm and has great expertise available with it. Notwithstanding this, it is possible that even the assessee could make a "silly" mistake and, indeed this has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction for provision of gratuity cannot be accepted. Hon'ble Apex Court did not accept the argument put forth on behalf of the department and cancelled the penalty. The facts of the assessee's case are identical to the facts before the Hon'ble Apex Court in the case of PricewaterhouseCoopers Pvt.Ltd. (supra). We, therefore, respectfully following the same, cancel the penalty levied under Section 271(1)(c) of the Act. ITA Nos.6257/Del/2012 6258/Del/2012 :- 8. In ITA No.6257/Del/2012, the assessee has raised the following grounds:- "1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad both in the eye of law and on facts. 2 (i) On the facts and circumstances of the case, the order passed by the learned CIT(A) is bad as the same has been passed without giving assessee an opportunity of being heard in clear violation of the principle of natural justice. (ii) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law, in rejecting the application of the assessee for condonation of delay. 3 (i) On the facts and circumstances of the case, the learned CIT(A) ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 271(1)(c) of the Act. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in ignoring the fact that the income returned is on the basis of provisions of Section 115JB and the income assessed is also on the basis of the provisions of Section 115JB and there being no difference in the returned income and the assessed income penalty under Section 271(1)(c) is not leviable. 4. On the facts and circumstances of the case, the order passed by the learned CIT(A) is bad as the same has been passed without giving assessee an opportunity of being heard in clear violation of the principle of natural justice. 5. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in ignoring the contention of the assessee that the assessee disclosed all the facts and as such it is neither a case of concealment of income nor furnishing of inaccurate particulars. 6. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the above penalty despite the fact that the assessee has made full and true disclosure with all the facts and figures and as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the applicant is given in column 1 which included the name of the assessee. At column 4, assessment years are mentioned which also included AY 2003-04. At page 5 of the order of the Settlement Commission, the Settlement Commission has considered the previous application filed by the assessee and the subsequent application which is termed as second application filed by the assessee. For ready reference, the same is reproduced below:- St. Soldier Properties Industries Ltd. 1st application u/s 245C(1) 2nd application u/s 245C(1) (i) Asstt year 1990-91 to 2000-01 (1.4.89 to 20.9.1999) and (i) Asstt. Year 1990-91 to 2000-01 (1.4.89 to 20.9.1999) (same) (ii) Asstt year 2000-01 (21.9.1999 to 31.3.2000) (ii) Asstt. Year 2000-01 (21.9.1999 to 31.3.2000) (same) (iii) Asstt year 1997-98 (iii) Not filed (Not same) (iv) Asstt year 1999-2000 (iv) Asstt year 1999-2000 (same) (v) Not filed (v) Asstt year 2003-04 (not same) 13. From the above, it is evident that while in the first application the assessee has covered the block ..... X X X X Extracts X X X X X X X X Extracts X X X X
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