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2017 (6) TMI 70 - AT - Income TaxLevy penalty u/s 271(1)(c) - denying the claim of the assessee towards the cost of improvement of land - Held that:- It cannot be said that the assessee has furnished inaccurate particulars of income where there is due disclosure in the return of income and necessary explanation and supporting evidence has been provided in support of such expenditure. The incurrence of the expenditure has thus not been doubted by the Revenue but given the peculiar facts of the case involving long period during which such expenditure has been incurred and that too, by different co-owners and the fact that the assessee doesnt maintain regular books of accounts , an estimation approach was adopted by the lower authorities while denying the claim of the assessee towards the cost of improvement of land. In our view, the disallowance of expenditure in such peculiar facts of the case cannot be basis for levy of penalty under section 271(1)(c) - Decided in favour of assessee.
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