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2012 (3) TMI 468 - AT - Income TaxPenalty u/s 271(1)(c) computation of capital gain on sale of land - Held that:- As the assessee was under bonafide impression that the FMV adopted by it for the purposes of computation of capital gain is justified. The Hon’ble supreme Court in the case of Reliance Petroproducts Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT ) has held that even if the assessee makes an incorrect claim in law, same cannot be stated that the assessee has concealed its income or furnished inaccurate particulars of income. Clause (c) of section 271(1) categorically states that the penalty would be leviable if the assessee conceals particulars of his income of furnishes inaccurate particulars thereof. Moreover, the valuation by approved valuer or otherwise is a matter of estimate. Under facts and circumstances, we hold that the penalty is not justifiable in respect of the addition made on account of computation of capital gain on sale of land at Dhanori. Appeal of the assessee is allowed.
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