2015 (3) TMI 1146

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..... rs by the assessee. In the facts of the present case, we are of the view that the assessee cannot be held guilty of the concealment of any material particulars of his income or having furnished inaccurate particulars of such income, so as to attract the provisions of section 271(1)(c) of the Act. - Decided in favour of assessee
VINEET SARAN and MRS. S. SUJATHA, JJ. K. V. Aravind, Advocate, for the appellants. JUDGMENT The judgment of the court was delivered by 1. Vineet Saran J.-This is an appeal filed by the Revenue whereby for the assessment year 2008-09 penalty has been imposed on the assessee alleging concealment of material facts. The order imposing the penalty by the Assessing Officer was challenged in the appeal, which was uph .....

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..... nefit was not permissible. The matter as to whether the benefit under section 54F of the Act has to be granted to the petitioner is pending decision before the High Court. Such appeal was filed to consider the following substantial questions of law : "(1) Whether the Tribunal is right in deleting the penalty levied only for the reason that the assessee's petition has been admitted by the hon'ble High Court of Karnataka ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is right in setting aside the penalty levied under section 271(1)(c) of the Act even when all the ingredients of the said section are satisfied in the case of the assessee for levy of penalty ?" 4. Imposition of penalty under s .....

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..... t the time of purchase of property, it was a residential property, and whether in the circumstances the benefit has to be granted to the assessee, is yet not been determined, as such question is pending in appeal before this court. 7. As such, the Tribunal has after considering all the aspects of the case, concluded on the facts that the returns had been filed by the assessee and the claim made by him may not be incorrect inasmuch as there is no doubt that the assessee purchased a house within such period as contemplated under section 54F of the Act. The Tribunal thus held that the High Court having admitted the appeal of the assessee on substantial question of law as to whether deduction under section 54F of the Act is applicable or not, .....

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