9911796707
TMI Blog2015 (4) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... arate and distinct and merely because additions has been made, same will not lead to automatic levy of penalty. See ACIT, Udaipur Versus M/s. Gebilal Kanhaialal HUF, Through Karta, Udaipur [2012 (9) TMI 297 - SUPREME COURT] and Northland Development and Hotel Corporation v. CIT [2012 (9) TMI 629 - SUPREME COURT] - Decided in favour of assessee. - TAX APPEAL NO. 1007 of 2006 - - - Dated:- 9-12-2014 - MR. KS Jhaveri And MR. K.J.Thaker, JJ. FOR THE APPELLANT MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENTS : MRS SWATI SOPARKAR, ADVOCATE JUDGMENT : 1. Heard learned Advocates for the respective parties. 2. While admitting this Appeal of the Revenue on 19.01.2007, this Court framed the following substantial question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 145(3) of the Income Tax Act. The above addition was duly agreed to by the assessee vide letter dated 21.06.2002 and the penalty proceedings u/s. 271(1)(c) of the I.T. Act were initiated accordingly. No reply was filed by the assessee against the above assessment order. Penalty order u/s. 271(1)(c) of the I.T. Act During the course of penalty proceedings, the assessee contended that the addition of ₹ 36,07,690/- was agreed to avoid litigation and to purchase peace of mind and the same does not represent concealed income or income in respect of which inaccurate particulars of income have been furnished. However, for the reasons as discussed in the penalty order, the Assessing Officer was satisfied that the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the assessee when no evidences were produced in support thereof and the same tantamounts to furnishing of inaccurate particulars u/s.271(1)(c) of the Income Tax Act. 5. We have learned Advocates for the parties at length. Having perused the record of the case, we are of the view that the answer to the question is in the affirmative, i.e. the Appellate Tribunal was right in deleting the penalties imposed by the Assessing Officer under Section 271(1)(C) of the Income Tax Act. 6. We are taking this view in light of the factual scenario as it emerges and more particularly, Paragraph 5 of the reasons given by the Tribunal which we propose to reproduce hereunder :- 5. We have heard rival submission and perused material available on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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