CRYSTAL THERMOTECH PVT.LTD.,KOLKATA vs. DEPUTY COMMISSIONER PF INCOME TAX, CENTRAL CIRCLE, JAMSHEDPUR, JAMSHEDPUR

In the result, this appeal filed by the assessee is allowed

Bench: Shri George Mathan & Shri Ratnesh Nandan Sahay

capital gains to buy peace and the income so disclosed in return of income was also accepted by the AO. Subsequently, notice u/s 274 of the Act was issued for initiation of penalty u/s 271(1)(c) of the Act and was accordingly imposed. 5. Before the ld.CIT(A),the assessee claimed that the AO in the show cause notice