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TMI Blog2021 (7) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... vised return was placed before the AO - Merely changing the stand as to how the trade income/expenditure as to be taken as capital or revenue, does not amount to furnishing of inaccurate of particulars or concealment of income. Therefore, the CIT(A) was right in deleting the penalty. There is no need to interfere with the findings of the CIT(A). The facts are identical in A.Y. 2008-09 as well. Therefore, both the appeals of the revenue are dismissed. - ITA No.5522/Del/2017 - - - Dated:- 12-7-2021 - Shri Sudhanshu Srivastava, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Appellant : Ms. Anima, Sr. DR For the Respondent : Sh. K.M. Gupta, Adv. ORDER PER SUDHANSHU SRIVASTAVA, JM: This appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer imposed penalty u/s 271(1)(c) of the Act on such quantum addition. The assessee challenged the imposition of penalty before the Ld. CIT(A) in Assessment Years 2007-08 and 2008-09 and the Ld. CIT(A) deleted the penalties imposed. It is further seen that the Department s appeals before the ITAT against the order of the Ld. CIT(A) deleting the penalty in Assessment Year 2007-08 and 2008-09 in ITA Nos. 5275/Del/2016 and ITA No.5276/Del/2016 respectively vide order dated 14.01.2020 were dismissed by the Co-ordinate Bench of this Tribunal by upholding the order of the Ld. CIT(A). The Ld. Authorized Representative (AR) while referring to the said order of the Tribunal has placed reliance on the same and has submitted that on i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 37 of the Act. In so far as the A.Y. 2008-09 was concerned, the assessee filed return of income on 30.09.2008 declaring total income of ₹ 6,26,438/- and current year business losses of ₹ 15,53,72,072/-. The Assessee filed revised return on 21.09.2009 declaring loss of ₹ 16,31,76,231/- after claiming an expenditure of ₹ 17,95,36,978/- spent on account of construction of Bus-Queue-Shelter as revenue expenditure u/s 37 of the Act. Assessment was completed u/s 143(3) of the Act for A.Y. 2007-08 determining an income of ₹ 8,88,191/- on 21.12.2009 as against the returned loss of ₹ 21,46,55,082/- after making a disallowance of ₹ 3,17,91,180/- on account of pre-commencement expenditure and disallowing t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the ground before the Tribunal in quantum which tantamount to concealment or furnishing of inaccurate particulars of income U/s 271(l)(c) of the Income Tax Act, 1961. 6. The Ld. AR relied upon the order of the CIT(A). 7. We have heard both the parties and perused all the relevant materials available on record. The CIT(A) has given a reasoned and detailed order as to why the penalty cannot be levied u/s 27l(l)(c) as there is a deference of opinion on the issue of expenditure incurred on BQS whether it is capital or revenue. There is no case of the revenue that the assessee filed inaccurate particulars of income or concealed the income, as all the details in the original return as well as in the revised return was placed befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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