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TMI Blog2023 (7) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... the actual quantification has filed incorrect return of income. The mistake on part of the accountant cannot be treated as mistake of the assessee and therefore, the decision of Price Waterhouse Cooper Pvt. Ltd. [ 2012 (9) TMI 775 - SUPREME COURT ] is squarely applicable in the present case. AO as well as the CIT(A) was not right in imposing the penalty under Section 271(1)(c) - Decided in favour of assessee. - I.T.A. No. 220/Ahd/2019 - - - Dated:- 21-7-2023 - Ms. Suchitra Kamble, Judicial Member For the Appellant : Shri S. N. Divetia, Shri Samir Vora, A.Rs. For the Respondent : Ms. Saumya Pandey Jain, Sr. D.R. ORDER The appeal filed by the assessee is against the order passed by the Ld. Commissioner of Income Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and statutory notices were issued. The Assessing Officer made addition of Rs. 2,15,471/- as Long Term Capital Gain and 13,091/- as interest income. The Assessing Officer initiated penalty proceedings and issued show cause notice under Section 274 r.w.s. 271(1)(c) on 21.02.2016. The assessee filed reply which was taken into account. The Assessing Officer imposed penalty of Rs. 48,435/- in respect of furnishing inaccurate particulars / concealment of income. 4. Being aggrieved by the penalty order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appeal of the assessee. 5. The Ld. A.R. submitted that there is a delay of 513 days for which the assessee has filed the condonation of delay alongwith the affidavit stating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eated as furnishing inaccurate particulars of income / concealment of income as the assessee has filed revised return of income with the correct quantification of LTCG and interest income. The Ld. A.R. relied upon the decision of Hon ble Apex Court in case of Price Waterhouse Cooper Pvt. Ltd. vs. CIT 348 ITR 306 (SC). 7. The Ld. D.R. submitted that the assessee has filed inaccurate particulars of income as the assessee has not disclosed Long Term Capital Gain as well as the interest income. If the Assessing Officer has not pointed during the assessment proceedings the assessee might have not furnished the revised return of income. Therefore, this is a fit case for imposing the penalty and the order of the CIT(A) sustained. 8. Heard bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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