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TMI Blog2018 (9) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... there is a failure to furnish returns or there is concealment of income or furnishing of inaccurate particulars before the AO. But in the present case before the AO, all the relevant facts were already available and the mistake has been rectified by the assessee prior to the mistake pointed out by the AO to the assessee during the assessment proceedings. The order of the CIT(A) is not correct, as there is no concealment of income or furnishing of inaccurate particulars. The penalty levied u/s 271(1)(c) of the Act is therefore quashed. The appeal of the assessee is allowed. - ITA No. 2990/Del/2015 - - - Dated:- 11-9-2018 - SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER For The Appellant : Sh. S. P. Agarwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of assessed income u/s 143(1) by way of including long term capital gain of ₹ 19,45,055/- which was left out from inclusion in the original computation and return of income. The rectification letter was filed since, the time limit for filing revised return under the provisions of section 139(5), had expired. The amount of capital gain was already included in the balance sheet submitted earlier, but was left out from computation of capital gain while preparing return of income. During assessment proceedings another error in capital gain to the tune of ₹ 1,78,144/- was discovered which was also offered for taxation. The assessee paid capital gain tax with interest suo moto and submitted the receipted challans before commencement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oming to the knowledge that the assessee has not included the capital gains at the time of calculating computation and filing return of income, although the amounts were disclosed in the balance sheet prepared in support of return. Thus, the assessee has admitted the mistake before the Assessing Officer could detect such omission. Thus, it is not a case of furnishing of inaccurate particulars or concealment of income before the Assessing Officer. Section 271 of the Act comes into picture when there is a failure to furnish returns or there is concealment of income or furnishing of inaccurate particulars before the Assessing Officer. But in the present case before the Assessing Officer, all the relevant facts were already available and the mi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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