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2018 (3) TMI 1464 - ITAT DELHIPenalty u/s 271(1)(c) - treating declaration as Long term Capital gains as wrong and erroneous - bonafide belief -sale consideration received against sale of furniture, being the solitary transaction, would be treated as income from other sources and not capital gain - contention of the assessee has been that it was done under the bonafide belief that the furniture and fixtures sold with the building partake the character of sale consideration of capital asset - Held that:- The bonafide of the assessee appears to have not been considered by the ld. Authorities below in right perspective. At the initial stage of quantum proceedings, there were two different opinions of the Revenue authorities itself on this issue, inasmuch as the Assessing Officer treated the impugned sum as income from other sources whereas the ld. CIT(A) in first round of appeal by the assessee treated the same amount as income from long-term capital gain. Once, the Revenue Authorities had expressed two views on the same issue, how the bonafide of the assessee to show the said amount as income from long term capital gains could be doubted by the Authorities below. However, the fact remains, that the assessee had declared all particulars of the impugned receipts before the Revenue authorities. Mere making of a claim not found sustainable under law, the same would not amount to concealment of income or furnishing of inaccurate particulars of income for saddling penalty against the assessee as held by Hon’ble Apex Court in Reliance Petroproducts (2010 (3) TMI 80 - SUPREME COURT). It is also notable that there is no comments of the authorities below on declaration of the impugned amount in the return of income, though it was shown under different. Only the head of income has been changed by the Assessing Officer. There being no concealment of the impugned sale consideration on the part of assessee, not a fit case to impose penalty u/s. 271(1)(c) - Decided in favour of assessee
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