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TMI Blog2016 (6) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer. That by itself would not give rise to penalty proceedings. We are not concerned with the quantum addition. We are only concerned whether the facts give rise to applicability of Section 271(1)(c) of the Act. Reference can be made to the decision of Supreme Court in case of CIT vs. Reliance Petroproducts Pvt. Ltd .[2010 (3) TMI 80 - SUPREME COURT ] and in case of Price Waterhouse Coopers Pvt. Ltd. vs CIT and anr reported in [2012 (9) TMI 775 - SUPREME COURT] . - TAX APPEAL NO. 132 of 2016 - - - Dated:- 9-6-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENT : MR RK PATEL, CAVEATOR ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en upheld by CIT (Appeals) and the Tribunal. Further appeal by the assessee being Tax Appeal No. 1080 of 2014 is admitted by the High Court and is pending for final hearing. 4. In the present appeal, however, we are concerned with the question of penalty. The Assessing Officer was of the opinion that by the above method, the assessee had evaded tax and was, therefore, liable to be visited with penalty under Section 271 of the Act. The assessee carried the matter in appeal. CIT (Appeals) deleted the penalty making following observations: 7.18 In the present case, as pointed above, there is no dispute that all the relevant facts material to the computation of total income are duly furnished by the assessee and no deficiencies in furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15. We find that the Assessing Officer was not justified in holding that the inaccurate particulars of income relating to capital gain was furnished by the assessee. No inaccuracy in any of the particulars in respect of capital gain earned by the assessee was found by the Assessing Officer and the addition to the book profit was made because of difference in the opinion in respect of presentation of such capital gain whether such capital gain should have been credited in the profit and loss account or directly to capital reserve in the balance sheet. 16. The assessee was of the opinion that such capital gain could have been directly credited to capital reserve account in the balance sheet, whereas as per the Assessing Officer such cap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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