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2014 (5) TMI 273 - AT - Income TaxCancellation of penalty u/s 271(1)(c) of the Act – Capital gains not declared amounts to furnishing of inaccurate particulars of income or not – Held that:- The assessee had not received the balance 50% of the sale consideration till the land was released - The provisions of MOU clearly provide that the assessee shall have to refund the said advance of 50% of sale consideration if it could not get the land released – CIT(A) rightly held that it is debatable to hold whether the appellant had already obtained approval from the Haryana Government prior to the impugned transfer of land or not - no prudent purpose could be served for the assessee by filing inaccurate particulars in the current years while the assessee had already offered for tax the capital gains on sale of impugned land in the AY 2000-01 - the capital gain in respect of the transfer of land should be taxed in the AY 2000-01 and not in the year under consideration could be called debatable but the same could not be said as a conscious act of tax avoidance – it does not amount to furnishing of inaccurate particulars of income or concealment of particulars of income – the order of the CIT(A) of cancelling the penalty is upheld – Decided against Revenue.
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