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2017 (1) TMI 858 - AT - Income TaxPenalty imposed under section 271(1)(c) - wrong claim of indexed cost of acquisition and wrong claim of exemption under section 54F - "concealment of income" and "furnishing inaccurate particulars" - Held that:- We have already seen the meaning of the word "particulars" in the earlier part of this order. Reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under Section 271(1)(c) of the Act. In the light of the foregoing discussion, We are of the considered opinion that at least penalty is not leviable, therefore, the ld. Assessing Officer was rightly directed to delete the penalty, therefore, we find no infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeals). - Decided in favour of assessee
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