9911796707
TMI Blog2019 (6) TMI 423X X X X Extracts X X X X X X X X Extracts X X X X ..... ent case we note that the assessee has duly submitted the revised return before the issue of notice u/s. 148. That the assessee has also paid taxes accordingly. The assessment has been made on the basis of sums already declared by the assessee. In these circumstances in our considered opinion assessee cannot be said to have acted contumacious manner so as to warrant levy of penalty u/s. 271(1)(c) of the Act. We also draw support from case of Hindustan Steel Ltd. Vs. State of Orissa [ 1969 (8) TMI 31 - SUPREME COURT ], wherein as expounded that the authority may not levy penalty if the conduct of the assessee has not been found to be contumacious. Accordingly in the background of the aforesaid discussion and precedent, we set aside the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und and uneducated family and studied only upto 3rd standard. 3. Brief facts of the case leading to levy of penalty are as under :- The brief facts of the case are that during the course of assessment proceedings for AY 2010-11 in FY 2012-13 it was noticed by the AO and pointed out to the assessee that the compensation of ₹ 6,19,750/- received on cancellation of booking of fiat on 23-09-2006 was not disclosed in AY 2007- 08. The assessee has admitted this undisclosed receipt/income and had therefore paid tax and interest thereon at ₹ 3,62,450/- on 8-03-2013 and had submitted a revised return along with letter dated 23-03-2013. Since the revised return was out of time notice u/s.148 of the I.T. Act 1961 was issued and served on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had never volunteered and paid tax thereon on his own accord. The AO accordingly levied penalty u/s 271(1)(c) of ₹ 2,04,855/- being 100% of tax sought to be evaded. 4. Against the above order assessee appealed before learned CIT(A). Learned CIT(A) confirmed the action of the Assessing Officer. 5. Against the above order the assessee is in appeal before us. 6. We have heard both the counsel and perused the records. We find that in this case the issue was disclosure of gain upon compensation received upon cancellation of booking from the builder. In this regard learned Counsel of the assessee submitted that assessee has duly disclosed the amount by way of revised return before the issue of notice u/s. 148. The assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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