9911796707
TMI Blog2016 (9) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... Crores u/s. 271(1)(c), as the assessee filed only a revised computation of income during assessment proceedings in August, 2010 which was not bonafide as the same had been done only after issue of notice u/s. 143(2) for AY 2008-09. 2. On the facts and in the circumstances of the case the impugned order passed by the Ld. CIT(A) is perverse both in facts and law. 3. The appellant craves leave to add, alter or amend any of the grounds of appeal before or during the course of the hearing of the appeal. It is prayed that the order of the CTI(A) being contrary to the facts on record and the settled position of law, be set aside and that of the assessing officer be restored. 2. The facts in brief are that in this case the assessment was compl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee to the said show-cause notice was considered but not accepted by the Assessing Officer who later imposed a penalty of Rs. 4,57,53,537/- on the assesse u/s. 271(1)(c) of the Act vide his order dated 25.3.2013. 3. Aggrieved with the aforesaid penalty order, assessee preferred an appeal before the Ld. CIT(A), who vide his impugned order dated 13.1.2014 has deleted the penalty in dispute and partly allowed the appeal of the assessee. 4. Now the Revenue is aggrieved against the impugned order and filed the present appeal before the Tribunal. 5. At the time of hearing Ld. DR relied upon the order of the AO and reiterated the contentions raised by the Revenue in the grounds and requested that Appeal of the Revenue may be allowed. 6. On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d companies on 22.02.2008, as per which the appellant agreed to bear 45% of additional EDC, which was determined at Rs. 13 crores. (d) Once the amount was determined and demanded by the said companies, the appellant recorded it in his books of accounts as a liability. (e) The appellant filed his return of income u/s. 139(1) on 29.09.2008 declaring an income of Rs. 35,13,02,662/-, which was inclusive of the liability of Rs. 13 crores, for A.Y.2008-09. (f) Subsequently, as a measure of settlement of disputes between the appellant and the two companies, another Agreement being Deed of Settlement recording the Consent Terms between the parties was executed on 29.01.2009. As per this Consent Deed, both the companies i.e. M/s. Selene Con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom his income for A.Y. 2009-10. Under these facts and circumstances, it is difficult to fault the assessee and accuse him of concealment of income. It is clear from the facts that the appellant had no intention what-so-ever to conceal this amount of Rs. 13 crores. Had this been his intention, he would have never offered it for taxation in A. Y. 2009-10 and he would have never paid taxes thereon as per law. Even the dates of the two agreements entered into by the appellant with the companies on 22.02.2008 and 29.01.2009 go on to support his argument that his belief was bonafide initially, that this amount of Rs. 13 crores was a determined liability in A.Y. 2008-09 and became income in A.Y. 2009-10. In fact, the appellant paid taxes on this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mined liability for A.Y. 2008-09 in accordance with the terms of the Full and Final Settlement Agreement dt. 22.02.2008 signed by him with the two companies. It was noted that he offered this amount for taxation in A.Y. 2009-10 under a bonafide belief that in accordance with the terms of Deed of Settlement recording the Consent Terms between the parties dt. 29.01.2009, this amount had become not payable and he accordingly, wrote back this amount in his books of accounts and paid taxes thereon in accordance with law. Thereafter, on professional advice, he has offered it for taxation in A.Y. 2008-09 and simultaneously, reduced it from his income for A.Y. 2009-10. Under these facts and circumstances, it is difficult to fault the assessee and a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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