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2016 (7) TMI 701 - AT - Income TaxPenalty u/s. 271 (1)(c) - whether amount received by the assessee from two parties for surrendering its rights in a property,taxable u/s. 55 (2)(a)? - Held that:- It is not the case of the AO that the stand taken by the assessee was totally against the provisions of the Act or that prima facie it was inadmissible. Maximum it could be said that there was difference of opinion. Thus, the claim made by the assessee was a legally plausible claim. It is a different issue that in the appellate proceedings the stand of the assessee was negated. The AO had gathered the information about the transaction from the return of income filed by the assessee. Thus, disclosure of primary facts was there. So, there was no concealment of particulars of income per se. Once basic facts have been disclosed by the assessee it has to be held that he had not concealed the particulars of income. Besides, particulars were not inaccurate as it had made the claim that it considered to be bonafide. Considering the peculiar facts and circumstances of the case, we are of the opinion that the order of the FAA does not suffer from any legal infirmity. The cases, relied upon by the AR, also endorse the view taken by the FAA. So, confirming his order, we decide the effective ground of appeal in favour of the assessee
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