2018 (7) TMI 2002

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..... ;the Act').  We heard all these appeals together and disposing of the same by this common order.     2. Shri Avinash, Wadhwani, the Ld.counsel for the assessees, submitted that the Assessing Officer levied penalty under Section 271(1)(c) of the Act.  On appeal, the CIT(Appeals) confirmed the same.  According to the Ld. counsel, both the assessees are employees of M/s Cognizant Technologies India Pvt. Ltd.  The parent company of the assessees, namely, M/s Cognizant Technology Solutions Corporation, a Delware Corporation, USA promoted an incentive plan for the employees of M/s Cognizant Technologies India Pvt. Ltd.  As per this plan, according to the Ld. counsel, the assessees were given option for .....

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..... llotted to the assessees in their return of income and claimed the same as capital receipt.  According to the Ld. counsel, the Assessing Officer has treated the same as revenue receipt which was confirmed by this Tribunal also.   The question arises for consideration, according to the Ld. counsel, is whether there was concealment of income or furnishing inaccurate particulars of income?  The allotment of Stock Appreciation Rights was disclosed by the assessees.  The gain arising out of Stock Appreciation Rights was also disclosed to the Revenue.  According to the Ld. counsel, the difference of opinion between the assessees and Assessing Officer is whether the gain on Stock Appreciation Rights is a revenue recei .....

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..... lue of the Stock Appreciation Rights and gain thereon and claimed the same as capital gain.  The Assessing Officer treated the gain as revenue receipt and levied tax.  On appeal by the assessees before the CIT(Appeals) and this Tribunal, the view of the Assessing Officer that the gain is a revenue receipt was confirmed and now further appeal is said to be pending before the High Court.     6. The question arises for consideration is whether there was concealment of income or whether the assessees have furnished inaccurate particulars of income?  It is nobody's case that the assessees have concealed the allotment of Stock Appreciation Rights or gain arising out of such appreciation.  As rightly pointed out .....

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