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2013 (7) TMI 139 - ITAT DELHIPenalty u/s 271(1)(c) - assessee alleged for furnishing of inaccurate particulars of Income - whether a mere fact of not going in appeal to buy peace against addition made by AO in his order u/s 153A can lead to inference that there has been a concealment of income - Held that:- Assessee filed details pertaining to the proceed received on sale of agricultural land situation at village Raja Sansi, District Amritsar and appended the detail to the return of income in the assessment year under consideration. Notes no. 2 and 3 mentioned in the statement of taxable income clearly shows that the assessee has furnished particulars of receipts from sale of agricultural land and also claimed exemption thereon u/s 2(14)(iii). Coming to the issue of late deposit of the amount to the bank, AO has not controverted the statement of the assessee that this amount was deposited to the bank account of the assessee Shri Gurpal Singh after a lapse of time during the year under consideration and this fact came to the knowledge of the assessee when he checked the bank pass book and accounts submitted by his power of attorney S. Gurpal Singh. It is not in dispute that the amount so received from proceed of sale of agricultural land was exempted and AO also accepted the claim of the assessee for exemption u/s 2(14)(iii). In this situation unable to accept this contention of the authorities that the assessee has either furnished inaccurate particulars of his income or has concealed particulars of his income. See Harsh Talwar (2011 (5) TMI 593 - Delhi High Court), Commissioner of Income Tax vs S.L.N. Traders (2011 (7) TMI 525 - Karnataka High Court) and Careers Education & Infotech Pvt. Ltd.(2011 (3) TMI 602 - PUNJAB AND HARYANA HIGH COURT) - In favour of assessee.
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