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TMI Blog2014 (7) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... y imposed under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"). 2.0. We have heard Shri Sudhir Mehta, learned advocate for the Revenue and Shri R.K. Patel, learned advocate for the assessee. It appears that while completing the assessment proceedings for the AY 2004-05 the Assessing Officer made the certain addition and on the basis of that passed the order of penalty under Section 271(1)(c) of the Act. The same has been set aside by the learned CIT(A) by observing in para 6 as under: I have examined the order imposing the penalty and the submissions made before me by the appellant company. The penalty was levied by the AO on the basis of the facts that: A). Interest not charged on loan to US Subsidi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... execution. The word "conceal" derived from the lation wordconcelare" which implies to hide. In Webster;s new International dictionary, the word has equated " to hid or withdraw from observation, to cover or keep from sight, to prevent discovery of, to withhold knowledge of There may be cases where the facts may attracts bot the offences and in some cases there may he overlapping the two offences. Thus, account or a deduction or exemption, is claimed, there would be concealment when the facts relating to them have been kept back by the assessee. It is the assessee who has the knowledge of the particulars. It is also true that even where the assessee does not make a positive assertion amounting to falsehood, an incorrect and ambiguous stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apart from the fact that on the issues, which were held against the assessee by the Assessing Officer, the assessee has succeeded upto Tribunal, against which the Tax Appeals are admitted, we are of the opinion that the issues were/ are debatable issue. Hence, we are of the opinion that both the authorities below have rightly held and observed that the assessee had neither concealed the income nor furnished inaccurate particulars of income before the AO for which provision under Section 271(1)(c) was required to be invoked. As there was neither concealment of income nor any inaccurate particulars were furnished by the assessee and even otherwise the issues with respect to the addition or disallowances are debatable, considering the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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