Dismissing the appeal of the revenue the Court held that, during assessment proceedings assessee had made full representation why according to his belief, receipt was not chargeable to tax and, in such a case, merely because Assessing Officer did not accept such a stand of assessee, would not automatically permit revenue to levy penalty. Relied, CIT v. Reliance Petroproducts Pvt. Ltd (2010) 322 ITR 158 (SC). Distinguished, UOI v. Dharmendra Textiles Processors (2008) 306 ITR 277 (SC) Mak Data P. Ltd. v. CIT (2013) 322 ITR 158 (SC). (AY. 2010-11)
PCIT v. Ashok Kumar Maneklal Parikh (2020) 120 taxmann.com 268 (Bom.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Ashok Kumar Maneklal Parikh (2020) 274 Taxman 457 (SC)
S. 271(1)(c) : Penalty-Concealment-Not declared capital gain arising from sale of leasehold rights-Deletion of penalty is held to be justified. [S. 45, 54EC]