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2014 (11) TMI 853 - HC - Income TaxPenalty u/s 271(1)(c) deleted – Bonafide of assessee’s contentions - Whether the assessee's action disclosing certain particulars in the form of notes to “statement of income” and making wrong claim on the basis of such notes, amounts to furnishing of inaccurate particulars of income – Held that:- The Tribunal rightly observed that the assessee still had furnished detailed notes in respect of the claim with the computation of the income - the assessee was under bonaifde belief that the waiver of the sales tax was not liable to tax in view of the same being capital receipt in nature - the assessee had not concealed any particulars of the income and the conduct of the assessee was not deliberate, in defiance of relevant provisions of law - It is quite clear that the assessee had not concealed the particulars of its income - The necessary particulars had been furnished in more than one way - there is no substance in the arguments of the revenue that explanation (1) of Section 271 is attracted – reference made to Commissioner of Income Tax, Ahmedabad Vs. Reliance Petroproducts Pvt. Ltd., [2010 (3) TMI 80 - SUPREME COURT] there was no error in the orders passed by the Tribunal maintaining deletion of the penalty as was imposed by the AO - the act of the assessee was bonafide even though the assessee may have failed to substantiate its claim that the amount was capital receipt – Decided against revenue.
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