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2014 (5) TMI 966 - AT - Income TaxPenalty u/s 271(1)(c) of the Act - Capital gains not shown in the return – Assessee disturbed due to illness of father – Held that:- Due to the lack of correct information, the authorized consultant could not be in a position to reveal the sale transaction in the return of income - From the bank statements, it was found that the amount was received from the purchaser, Rohit Ramavtar Poddar - under bona fide belief it was shown in the balance sheet as a liability - the property and the amount invested had also been shown towards asset’s side - when the father was admitted in the hospital and as the bad luck would have it, later on expired, the possibilities would be that the non-offer of Long Term Capital Gain might have been an inadvertent silly mistake on the part of the two appellants – Relying upon Price Waterhouse Coopers (P.) Ltd. Versus Commissioner of Income-tax, Kolkata – I [2012 (9) TMI 775 - SUPREME COURT] - the error committed could be described only as a human error, which we all are prone to make - the imposition of penalty was held as not justified – Decided in favour of Assessee.
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