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TMI Blog2015 (10) TMI 2497X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety and an undertaking to Government of Punjab. It is claimed that the assessee had engaged a professional for preparing and filing of the income tax return. It is stated that assessee has submitted revised computation during the course of assessment proceedings and there was no intention to conceal the income. Furthermore, the assessee had duly paid tax on the impugned amounts of capital gai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MEMBER For the Appellant: Sh. Vivek Nangia ORDER PER H.L.KARWA, VP This appeal filed by the Revenue is directed against the order of CIT(A), Chandigarh dated 16.07.2014 in cancelling the penalty of ₹ 61,13,801/- imposed u/s 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act') relating to assessment year 2010-11. 2. Briefly stated the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Act for furnishing of inaccurate particulars of income. The Assessing officer issued a show cause notice to the assessee and in response to the same, the assessee submitted its reply on 20.6.2013 stating that the counsel of the assessee filed revised computation during the assessment proceedings because the revised return was not acceptable through E-filing. There was no intention to conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deductions. Thus, the mistake of not adding back the impugned amounts in the statement of income was of the then Counsel and moreover, it cannot be said that anyone had benefitted by not adding back the impugned amounts, since the appellant co-operative society is an undertaking of Government of Punjab. The explanation furnished by the appellant is bonafide and so the impugned penalty levied is ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax and property tax paid were not added back resulting into refund. In our view, the Ld. CIT(A) has correctly observed that the mistake of not adding back the impugned amounts in the statement of income was of the then counsel and moreover it cannot be said that anyone had been benefitted by not adding back the impugned amount, since the assessee is an undertaking of Government of Punjab. In our o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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