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2012 (9) TMI 196 - AT - Income TaxPenalty u/s 271(1)(c) - Revenue contending intentionally concealment of income by inflating the cost of acquisition of house property thereby reducing long term capital gain - Held that:- Admittedly, there was a mistake in the computation of long term capital gain by the assessee and the assessee company furnished revised computation before the AO and also offered explanation for the mistake. This mistake cannot be considered as concealment of income by the assessee company. CIT(A) deleted penalty on observation that AO had not issued any show cause notice pointing out the mistake and no positive material was brought on record to prove that the assessee had inflated the expenditure and deflated the receipts to reduce the taxable income pertaining to long term capital gain. Since findings are based on justified and reasonable grounds, hence deletion of penalty is upheld - Decided in favor of assessee
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