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2014 (8) TMI 115 - HC - Income TaxPenalty u/s 271(1)(c) Voluntary donations received from different persons Failure to substantiate claim - Tribunal was of the view that it is not necessary that the voluntary contribution should be made with a specific direction to treat as corpus - on part of the donation, which is considered as income u/s 12 of the Act, penalty u/s 271(1)(c) is not leviable as the assessee has truly and fully disclosed all the facts in its Return of Income Relying upon CIT Vs. Reliance Petro Products Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Assessee was under bona fide belief that he was legally entitled to treat ₹ 1,08,80,765 as corpus donation and when the CIT(A) accepted the contention on behalf of the assessee to the extent of ₹ 60,25,000 as corpus donation and with respect to ₹ 38,07,354, out of the amount, was considered as income u/s 12 of the Act, Tribunal has rightly cancelled the penalty imposed on the assessee u/s 271(1)(c) of the Act the order of the Tribunal is upheld for deleting / canceling the penalty imposed u/s 271(1)(c) of the Act Decided against Revenue.
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