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2013 (12) TMI 530 - AT - Income TaxPenalty u/s 271(1)(c) – Held that:- The assessee claims that the property was intended to be sold as per the market practices and in consequence thereof a business decision was taken to first let out the property and then sell the same as a gainful let out property - The assessee's conduct is supported by the fact that immediately after letting out, the property was sold and out of three months advance rent, two month's rent was passed on to the purchaser. The genuineness of the rent and brokerage has not been questioned - Earning rent, the incurring of business (brokerage) expenditure and business income on sale of property i.e. stock in trade was incorporated in the books of a/cs of the assessee and particulars thereof were filed with the return of income - Following Hindustan Steel Ltd. V. State of Orissa [1969 (8) TMI 31 - SUPREME Court] - As the assessee bona fide belief is discernable and the relevant details were furnished along with return of income – Decided in favour of assessee.
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