income tax

Querist : Anonymous (Querist) 10 January 2011 This query is : Resolved
during course of assessment proceedings i have surrendered voluntarily rs 150000/=(being short term capital gains of property) as per sec 50c of i.t.act1961.the learned officer has initiated penalty proceeding u/c 271(1)(c)of the i.t.act against the assessee.the assessee neither concealed any income nor furnished any inaccurate particulars of the same. please tell me any case law to withdraw the penalty proceedings.

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A V Vishal (Expert) 10 January 2011
Santosh Narain Kapoor vs DCIT
ITA No. 1272/Luck/2006; Asst. yr. 2000-01

Addl. CIT v.Prem Chang Garg
ITA NOS. 2250 & 2251/Del/2007

M/s Century Plyboards (India) Ltd Vs ITO, Chennai (Dated: June 18, 2010) - Assessee’s appeal allowed: CHENNAI ITAT

H.M.Patnaik (Expert) 10 January 2011
citations mentioned by Mr. Vishal are quite applicable in the facts and circumstances of the case.

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