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2014 (8) TMI 1151 - AT - Income TaxPenalty u/s 271(l)(c) - incorrect capital gain claim - Assessee had revised the calculation of capital gains on account of wrong consideration of the date of purchase - Held that:- The assessee had during the course of assessment proceedings revised the return of income and the same was accepted by the A.O. Before us, no material has been brought on record to demonstrate that the submissions of the Assessee were false. When the assessee has furnished all the material facts relevant thereto, the disallowance of such claim cannot automatically lead to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars thereof. What is to be seen is whether the said claim made by the assessee was bona fide and whether all the material facts relevant thereto have been furnished and once it is so established, the assessee cannot be held liable for concealment penalty under s. 271(1) (c) of the Act. - Decided in favour of assessee.
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