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2015 (8) TMI 88 - BOMBAY HIGH COURTPenalty u/s. 271 (1)(c) - assessee, while computing capital gains, has failed to take into account the value of the property as per stamp duty value, as required u/s. 50C - CIT(A) deleted penalty levy as confirmed by ITAT - Held that:- We find that in the present case, the Respondent-Assessee has made a complete disclosure inasmuch as the higher stamp duty valuation was indicated in the agreement filed along with the Return of Income. Thus, it is not a case of submitting/ furnishing inaccurate particulars. In view of the above, both CIT(A) as well as the Tribunal have come to concurrent findings of fact that no inaccurate particulars have been furnished by the Respondent-Assessee in respect of the sale of its property at Kalol. Thus, the impugned order passed by the Tribunal by following the Apex Court's decision in Reliance Petro Products (2010 (3) TMI 80 - SUPREME COURT ), cannot be faulted with, as it is a settled position. - Decided in favour of assessee.
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