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TMI Blog2022 (6) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... e reasons mentioned in the application, the delay of 06 (six) days in filing the present appeal stands condoned. The application stands disposed of accordingly. ITA 64/2020 1. Present Income-tax Appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') against the final judgment and order dated 19th August, 2019 passed by the Income Tax Appellate Tribunal (in short 'the Tribunal') in ITA No. 1469/Del/2019. BRIEF FACTS: 2. M/s Harish Kumar HUF i.e. the Respondent/Assessee (hereinafter referred to as 'Respondent') filed its return of income for Assessment Year 2015-16 under Section 139(1) of the Act. In the said return, the Respondent disclosed that it had suffered a loss from the busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tails of the dividend, sought in the notice. 5. Vide order dated 13th December, 2017, the Respondent was directed to furnish the details of the dividend in the format provided by the AO. Significantly, the Respondent attended the hearing on 15th December, 2017 and furnished the details of the dividend in the required format. The Respondent also filed a representation along with the said details and in the said representation, the Respondent, at the outset, acknowledged that it had now come to its attention that a sum of Rs.1,98,51,874/- of dividend income was not considered by the Respondent. The Respondent admitted that the provisions of Section 94(7) of the Act were duly attracted. Therefore, the Respondent stated that it has revised the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vised the computation of income, filed a revised return and paid the tax demanded on account of revised assessed income promptly after receiving the assessment order. 9. The AO, however, vide its order dated 23rd February, 2018 held that the Respondent's case was covered by Explanation 1(B) to Section 271(1) of the Act. The AO held that he did not accept that the explanation offered by the Respondent was bonafide or that all facts relating to material for computation were duly disclosed by it. The AO thus, imposed a minimum penalty of Rs.45,52,613/- under Section 271(1)(c) of the Act, being 100% of the tax, sought to be evaded. 10. The Respondent filed an appeal under Section 250 of the Act to the Commissioner of Income Tax, which was dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take for furnishing of inaccurate particulars in the return due to the inadvertent bonafide error in the claim due to one entry by the accounts staff posted at wrong date due to huge voluminous transactions and dividend from same security punched at one voucher i.e. entry of the dividend received on same security (Rs.1,98,51,874/- received on 28.1.2015 and Rs.3,38,62,217/- received on 25.3.2015 made cumulatively on 26.3.2015 i.e. date of sale of investments (26.3.2015) and receipt date of second dividend. We further note that AO has completed the assessment on the basis of details furnished by the Respondent, hence, under the circumstances Respondent has not furnished inaccurate particulars of income..." 11. It, however, appears that durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CBDT Circular No. 03/2018 dated 11th July, 2018 issued by the Central Board of Direct Taxes ('CBDT' in short), Department of Revenue, Ministry of Finance, Government of India on 20th August, 2018, however, in view of the prosecution initiated against the Respondent, the present case falls in the 'exception' category under paragraph 3.f of the CBDT Circular. 13. We have considered the submissions of the learned counsel for the Appellant and perused the order of the Tribunal. It is not disputed by the learned counsel for the Tribunal that the Respondent herein had voluntarily filed the revised return on 15th December, 2017 duly disclosing the disallowance of the dividend in terms of Section 94(7) of the Act and revised its returned inco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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