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TMI Blog2015 (10) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... itions which should attract penal provisions. It is also seen that all the relevant and material facts are well within the knowledge of the department, High Courts and other authorities. It was the Ld. CIT(A) observation that this is a case where there is only a difference of interpretation and opinion. Hence, it is felt that these cases do not fall within the purview of section 271(1)(c). Hence, the penalty imposed is deleted - Decided in favour of assessee. - I.T.A. Nos. 5432, 5433, 5434, 5435, 5436, 5437, 5438 & 5485/DEL/2010 A.Yrs. 1989-90, 1990-91, 1991-92, 1992-93, 1993- 94, 1995-96, 1996-97 & 1994-95 - - - Dated:- 10-11-2014 - Shri H. S. Sidhu And Shri T. S. Kapoor,JJ. For the Petitioner : Sh. Vikram Sahay, Sr. DR For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied upon the order of the Assessing Officer reiterated on the contentions raised in the grounds of appeal filed by the Revenue. He also reiterated the contents of the Penalty order dated 30.3.2009 passed by the Asstt. Commissioner of Income Tax, Circle 7(1), New Delhi that the assessee has not contested the proceedings of penalty on merit, it was held that the assessee has failed to furnish the accurate particulars of income by claiming arrear of rent as capital receipts, the AO treated the same as revenue receipts which were confirmed by the ITAT. He also submitted that as per the finding of the ITAT, during the year under consideration the arrear rent receipts comes to ₹ 20,19,107/- and penalty u/s. 271(1) was levied for an amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tention raised by both the parties. We find that Ld. CIT(A) has adjudicated the issue as under:- As the Assessee has not contested the proceedings of penalty on merit, it is held that the assessee has failed to furnish the accurate particulars of income by claiming arrear of rent as capital receipts, the AO treated the same as revenue receipts which were confirmed by the ITAT. He also submitted that as per the finding of the ITAT, during the year under consideration the arrear rent receipts comes to ₹ 20,19,107/- and penalty u/s. 271(1) was levied for an amount of ₹ 11,66,033/- i.e. 100% of tax sought to be evaded. The submissions made by the appellant during the course of appellate proceedings have been carefully consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 746 4 1992-93 3209044 6883399 10092443 5 1993-94 4350116 6807931 11158047 6 1994-95 3905296 5486941 9392237 7 1995-96 2175298 2925775 5101073 8 1996-97 2505389 2618131 5123520 Total 24142718 37167136 61309584 On the basis of the above chart, the assessee has submitted that on total arrear of rent of ₹ 5.12 crores a sum of ₹ 6.13 crores has been raised as income tax payable. As per the assessee, they have been already penalized by the charging of interest u/s. 234 amounting to ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laid down in the Dilip Sheroff case 291 ITR 519 (SC) as to the meaning of word concealment and inaccurate continues to be a good law because what was overruled in the Dharmender Textile case was only that part in Dilip Sheroff case where it was held that mensrea was a essential requirement of penalty u/s 271(1)(c). The Hon ble Apex Court also observed that if the contention of the revenue is accepted then in case of every return where the claim is not accepted by the Assessing Officer for any reason, the assessee will invite the penalty u/s 271(1)(c). This is clearly not the intendment of legislature. 8.3 We further draw support from the Apex Court decision rendered by a larger Bench comprising of three of their Lordships in the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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