2009 (7) TMI 22

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..... udgment of the Hon’ble Supreme Court in cannot be read as laying down that in every case where particulars of income are inaccurate, penalty must follow. What has been laid down is that qualitative difference between criminal liability under section 276C and penalty under section 271(1) ( c) had to be kept in mind and approach adopted to the trial of a criminal case need not be adopted while consi .....

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..... law, for opinion of this Court:- (i) Whether on the facts and in law, the Hon'ble Income Tax Appellate Tribunal was justified in law in dismissing the appeal of the department by deleting the penalty under section 271(1)(c) imposed by the Assessing Officer 'for furnishing inaccurate particulars of income' as in view of provisions of section 50 and 71(3) of the Income Tax Act, 1961 loss on sale o .....

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..... ideration to the rival contentions. Whether the assessee has concealed the income or furnished inaccurate particulars of income depends on the facts and circumstances of each case. In this case, the assessee has suffered a loss on the sale of machinery which has been disclosed in the statement of accounts filed alongwith the return. There is no allegation about the incorrectness of loss on the sa .....

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..... rate particulars of income. The mistake has been committed by the counsel of the assessee and the entire facts had been disclosed by the assessee in the documents filed alongwith the return. There was no scope for concealing any income or furnishing of inaccurate particulars of income." 3. We have heard learned counsel for the revenue. 4. Learned counsel for the revenue submits that even if .....

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..... had to be kept in mind and approach adopted to the trial of a criminal case need not be adopted while considering the levy of penalty. Even so, concept of penalty has not undergone change by virtue of the said judgment. Penalty is imposed only when there is some element of deliberate default and not a mere mistake. This being the position, the finding having been recorded on facts that the furnis .....

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