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2013 (10) TMI 465 - AT - Income TaxPenalty u/s 271(1)(c) - property dealer - addition on account of cash retained - assessee is a school teacher and also carrying on Dalali in land transactions on a small scale – Held that:- considering the entire factual matrix of the case, it is quite possible that the assessee for his service rendered in the matter of sale of land on behalf of the owners of the plots of land, may have retained or have intention to retain a part of the cash components received by him for sale of plot of land, as the commission for the services rendered after spending towards various heads of expenses on behalf of the land owners, but there is no evidence or material on record to prove conclusively that the assessee has in fact retained certain part of the cash components as his income. The facts of the case may justify the addition in the quantum case, but the parameters to sustain the penalty imposed under section 271(1)(c) of the Act are different, and the assessee is entitled to benefit of doubt in the absence of any concrete evidence to the contrary, and accordingly, facts of the case do not justify the imposition of penalty under section 271(1)(c) of the Act on the assessee – Decided against the Revenue.
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