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2014 (11) TMI 1196 - AT - Income TaxPenalty u/s 271(1)(c) - short term capital gains earned by the assessee on the sale of land was not disclosed in the original return of income but was declared by the assessee in the revised return of income - HELD THAT:- Assessment case of the assessee is different from the penalty imposed on account of concealment of income or filing inaccurate particulars of income and that certain disallowance/addition could legally be made in the assessment proceeding on the preponderance of probabilities, but no penalty could be imposed u/s 27l(1)(c) on the preponderance of probabilities and Revenue has to prove that the claim by the assessee was not genuine or was inflated to reduce its tax liability. Before us, no material has been brought on record by the Revenue to demonstrate that the explanations and submissions made by the assessee were false. Before us, Revenue has also not brought on record any binding contrary decision in its support. We are of the view that in the present case no penalty u/s 271(1)(c) is leviable and therefore we direct its deletion. Thus this ground of Assessee is allowed and in the result the appeal of the Assessee is allowed.
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