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2016 (11) TMI 801 - HC - Income TaxPenalty under Section 271(1)(c) - entitled to the exemption under Section 54G - whether the explanation by the assessee that the non-reporting of income was on account of the belief held that the benefit accrued under Section 54G, on account of the advice of the CA was either a false explanation or no explanation at all [explanation 1(A)] or whether it was not bona fide [Explanation 1(B)] - Held that:- This Court is of the opinion that the exposition made in N.G. Technologies (2014 (12) TMI 481 - DELHI HIGH COURT ) has to be applied in a fact-specific manner and not in the amplitude that the learned counsel for the revenue suggests. The Court cannot be oblivious of the fact that the companies are advised by experts and CAs who, more often than not, finalise reports. To expect assessees to scan each assessment with a fine comb, as is suggested by the revenue, and thereafter be told that the explanation about its reliance upon expert advice is not bona fide, in the facts of this case, at least do not appeal to this Court. Being a finding of fact based upon broad probabilities, the Court is of the opinion that no substantial question of law arises. - Decided against revenue
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