Dismissing the petition the Court held that ;genuine hardship financially or in any manner was not proved by the assessee . On facts long term capital gain was shown as exempt, however in the revised computation the assessee accepted the income as income from other sources .Rejection of application was held to be justified .( AY.2014-15)
Dayaram Khandelwal v. PCIT (2018) 405 ITR 569 / 165 DTR 425 / 302 CTR 441 (MP) (HC) Sourabh Khandelwal v. PCIT (2018) 165 DTR 425 / 302 CTR 441 (MP) (HC)
S. 273A : Penalty – Commissioner – Power to reduce or waive -Long term capital gain shown as exempt in the original was accepted by filing the revised computation as income from other sources – Genuine hardship financially or in any manner was not proved -Rejection of application was held go be justified [ S. 10(38), 45, 56, 271(1) ( c ),273A((1)(4) ]