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TMI Blog2016 (11) TMI 945X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee's claim of deduction under section 54F, is debatable in nature. Merely because the assessee in the course of assessment proceedings, agreed for disallowance of its claim for deduction under section 54F, will not lead to a conclusion that the assessee has either furnished inaccurate particulars of income or concealed particulars of his income. That being the case, in our view, it is not a fit case for imposition of penalty under section 271(1)(c). Accordingly, accepting the assessee's explanation, we delete the penalty imposed under section 271(1)(c) of the Act. - Decided in favour of assessee. - I. T. A. No. 1713/Mum/2014 - - - Dated:- 6-5-2016 - Saktijit Dey (Judicial Member) And Rajesh Kumar (Accountant Member) For the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ately, thereafter, step was taken for filing of the appeal. He, therefore submitted, the delay caused being totally unintentional and due to bona fide reasons, should be condoned. 3. The learned Departmental representative opposed the condonation of delay. 4. We have heard both the parties on the issue of delay in filing the present appeal. After perusing the cause of delay, as explained in the delay condonation petition which is supported by affidavit, we are satisfied that there is a reasonable cause for delay in filing the appeal. Consequently, condoning the delay, we admit the appeal for hearing on the merits. 5. Reverting back to the issue in dispute, brief facts are, the assessee an individual filed his return of income for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded that as the assessee has concealed particulars of income and furnished incurred particulars, he is liable for penalty under section 271(1)(c) which was quantified at ₹ 1,60,651. Being aggrieved of penalty order so passed, the assessee preferred an appeal before the learned Commissioner (Appeals). 6. The learned Commissioner (Appeals) having not found merit in the submissions of the assessee confirmed the penalty imposed under section271(1)(c). 7. The learned authorised representative submitted before us though the assessee in the course of assessment proceedings, had agreed disallowance of claim under section 54F but legally the assessee is eligible for deduction under section 54F. The learned authorised representative relyi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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