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TMI Blog2014 (5) TMI 966X X X X Extracts X X X X X X X X Extracts X X X X ..... the possibilities would be that the non-offer of Long Term Capital Gain might have been an inadvertent silly mistake on the part of the two appellants – Relying upon Price Waterhouse Coopers (P.) Ltd. Versus Commissioner of Income-tax, Kolkata – I [2012 (9) TMI 775 - SUPREME COURT] - the error committed could be described only as a human error, which we all are prone to make - the imposition of penalty was held as not justified – Decided in favour of Assessee. - ITA No. 2388/Ahd/2012, ITA No. 2389/Ahd/2012 - - - Dated:- 25-4-2014 - Shri Mukul Kr. Shrawat And Shri N. S. Saini,JJ. For the Petitioner : Shri O. P. Batheja, Sr. D. R., For the Respondent : Shri M. K. Patel, AR ORDER Per Shri Mukul Kumar Shrawat, Judicia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have informed the details of the sale deed and also produced bank statement to offer the sale consideration of the property sold. The AO has adopted the sale consideration as it was fixed for the purpose of the stamp duty at Rs.30,43,000/- and a Long Term Capital Gain of Rs.14,29,960/- in each hand was assessed. 3. During the penalty proceedings, it was reiterated that the fact about the purchase of property and the transactions of the property was not withheld but it was shown that there was a liability of Sri Rohit Ramavtar Poddar, the purchaser, of Rs.12,50,000/- respectively in each hand. On one hand in the balance sheet drawn as on 31st March, 2009 the liability was shown and on the other hand on each hand the impugned land at Burh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant information about the sale amount was duly informed but under wrong head as per the entries in the balance sheet. He has placed reliance on a decision of ITAT D Bench Ahmedabad in the case of Chimanlal Manilal Patel Vs. CIT in ITA No.508/Ahd/2010, A.Y.2006-07, order dated 22nd of June, 2012. For the legal proposition that the addition have been made by invoking the deeming provision under Section 50C of IT Act and only because the assessee had agreed to the said addition, the same ipso facto would not be considered as a reasonable ground for levy of penalty. He has also placed reliance on the decision of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT, 348 ITR 306 (SC). 6. From the side of the Revenue, learned DR has strongly su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was shown in the balance sheet as a liability. Facts of the case have further revealed that the property in question and the amount invested had also been shown towards asset s side. In those circumstances when the father was admitted in the hospital and as the bad luck would have it, later on expired, as per the facts of the case narrated before the Revenue Authorities, the possibilities would be that the non-offer of Long Term Capital Gain might have been an inadvertent silly mistake on the part of these two appellants. We have carefully perused the decision of the Hon ble Supreme Court pronounced in the case of Price Waterhouse Cooper Pvt. Ltd. (supra) and noted that in that case as well it was held that the error committed could be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the balance sheet. But for the year under consideration, when sale took place; the transaction was narrated in balance sheet under wrong heads . Inadvertently under erroneous impression narrated these entries in the balance sheet as a liability of the purchaser, simultaneously land; although sold; remained to be reflected as an asset; which involuntarily resulted into non-disclosure of Long Term Capital Gain. We, therefore, conclude that following the decision of Hon ble Supreme Court (supra), the appeals in hand are not fit to hold that there was a deliberate concealment of income; hence, hereby direct to delete the penalty. Resultantly, the grounds raised by these assessees are hereby allowed. 8. In the result, both the Appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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