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2017 (2) TMI 1461 - AT - Income TaxPenalty u/s. 271(1)(c) - assessee has suppressed its income by not considering specific provisions of section 50C for computation of capital gains - HELD THAT:- Assessee has furnished the registered sale deed. The assessing officer has made the addition by invoking deeming provisions of section 50C. No case has been made out of any incriminating document etc. being found. In such situation assessee cannot be held guilty of furnishing of inaccurate particulars of income or concealment of income. Further more the conduct of the assessee cannot be held to be contumacious so as to warrant levy of penalty. This proposition is also supported by the decision rendered in the case of Hindustan steel Ltd vs state of Orissa [1969 (8) TMI 31 - SUPREME COURT] - Decided in favour of assessee.
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