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2014 (3) TMI 179 - ITAT AGRADeletion of Penalty u/s 271(1)(c) of the Act – Valuation u/s 50C of the Act – Inaccurate particulars furnished for income of LTCG – Held that:- The assessee has duly disclosed not only the consideration actually received by her but also the fact of applicability of section 50C has also taken stand on the same in her return of income itself - It was a very transparent and fair way of making a claim - The mere fact that the claim has not been found to be acceptable does not negate the fact that the assessee had a reasonable explanation for capital gain declared by her and that the conduct of the assessee cannot be faulted – the original property was destroyed much before the valuation carried out, the valuation as per DVO’s report is essentially estimate based on too many presumptions - it is one of the rare cases wherein even working of section 50C cannot really be effective at all inasmuch as the very asset, which was required to be valued by DVO, was demolished before valuation could take place – it is not a fit case of penalty as there was no good ground to reject assessee’s explanation – thus, the order of the CIT(A) was justified in deleting the penalty – Decided against Revenue.
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