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2016 (3) TMI 817 - AT - Income TaxPenalty u/s 271(1) (C) - difference of surrendered and returned Income - unexplained investment in house property - Held that:- The surrender had been based on an estimate made by the assessee which was restricted to the extent of value calculated after getting the proper valuation done by the registered valuer. In such circumstances the assessee was well within his limits to have harbored a belief that the correct value of investment in the house property was that which was determined by the registered valuer and accordingly the disclosure of undisclosed investment in the house property based on the same was not done with intention to defraud the revenue. It cannot in such circumstances be said that the assessee had furnished any inaccurate particulars of income since the particulars of income furnished by him were based on a registered valuer report which has not been rejected by any authority below. In view of the same we hold that the assesse having not furnished any inaccurate particulars of income, levy of penalty under section 271(1)(c) is uncalled for and ought to be dismissed. - Decided in favour of assessee
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