COMMISSIONER OF INCOME TAX-18 Vs. HIRALAL DOSHI

JUDGEMENT

(1.) This Appeal has been filed by the Revenue under Section 260A of the Income Tax Act, 1961(the "Act") assailing the order dated 1st May, 2013 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned order dated 1st May, 2013 deleted the penalty imposed under Section 271(1)(c) of the Act relating to Assessment Year 2006-2007.

(2.) The Revenue has urged the following question of law for our consideration:-

(3.) The Respondent-assessee had originally filed a return of income on 31st October, 2006 declaring a total income of Rs. 9.69/- lakhs. In its return of income, as filed an amount of Rs. 1.62 Crores was credited to its capital account being Long Term Capital Gain on sale of shares. However, no income on account of the above was offered for taxation. Thereafter, on 5th October, 2007, during a course of survey, the Respondent-assessee declared additional income of Rs. 5 Crores which included an amount of Rs. 1.62 Crores for Assessment Year 2006-07 which had not been returned as income being long term capital gains in view of exemption claimed under Section 10(38) of the Act.