9911796707
TMI Blog2022 (1) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... our view it is tax neutral. Therefore, no malafide intention to conceal the income or particulars of income can be attributed to the assessee. For the above said purpose, we may further relied upon the decision of the Hon'ble Supreme Court in the matter of Price Water Cooper Pvt. Ltd. [ 2012 (9) TMI 775 - SUPREME COURT] for the said purposes. Respectfully following the decision of the Hon'ble Supreme Court and on merit also we are of the opinion that the penalty imposed on the assessee is also liable to be deleted. In the result, the penalty imposed against the assessee is deleted on account of vague and improper notice as well as on merit. - Decided in favour of assessee. - ITA No. 5229/MUM/2019 - - - Dated:- 6-12-2021 - Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rival contentions of the parties and perused the material available on record and the reasons given in the application for admitting the additional ground. Admittedly, the additional ground raised by the assessee is a legal ground and no fresh document/record is required to be referred or placed on record. 6. Considering the totality of facts, we admit the additional ground. The additional ground raised by the assessee is hereby admitted. 7. At the outset, the ld. AR for the assessee has submitted that the additional ground raised by the assessee goes to the root of the matter and the same is required to be adjudicated by the Bench. Our attention was drawn at page no. 1 of the Paper Book (PB) where the notice dated 15.12.2017 is pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il. As loss on sale of assets is a capital loss, in no way, the same can be claimed as a Revenue loss in the books of account. The act of claiming a Capital expense as a Revenue expense is nothing but furnishing of inaccurate particulars by the appellant company. In the light of landmark judgment discussed in above para, particularly, Reliance Petro Products Pvt. Ltd.(Supra), it has to be examined whether the Claim is a bonafide claim or not. The assets, which has been sold is a part of block of assets and it does not have any independent existence as long as it is included in the block of assets. Wherever, the block of assets is reduced, the corresponding WDV is reduced. Profit or loss can be computed only when the block of assets, ceases ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly shows that the penalty was imposed on the assessee for inaccurate particulars of income. 13. In our considered opinion, it is mandatory as per the law laid down by the Hon'ble jurisdictional High Court in the case of Mohd. Farhan A. Shaikh (supra) to specifically mention the charge for which the penalty was imposed. In the present case, the AO has imposed the penalty for both i.e. concealment of income and furnishing of inaccurate particulars of income, whereas the notice, was issued only for the incorrect particulars of income. 14. In our considered opinion, the same is not sustainable in terms of the law laid down by the jurisdictional High Court in the matter of Mohd. Farhan A. Shaikh (supra). 15. In view of the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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