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2019 (5) TMI 1445 - AT - Income TaxPenalty u/s 271(1)( c) - Addition u/s 40(a)(ia) - HELD THAT:- Admittedly, the quantum addition has been deleted by the ITAT. Thus, penalty does not survive on this addition. The AO is directed to give the appeal effect to the Assessee in this regard. Addition of short term capital gain in the instant case it cannot be said that the assessee had withheld any relevant information regarding the short term capital gains from the AO. The claim of the assessee was based on the valuation report of an architect which was partly accepted by the Ld. CIT (A) also. There is no factual finding by the AO that the assessee had furnished any inaccurate particulars while bifurcating the value between land and buildings while computing short term capital gains. With regard to the provisions of section 271(1)(c ) of the Act pertaining to penalty, RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] has authoritatively laid down that making of a claim by the assessee which is not sustainable will not tantamount to furnishing inaccurate particulars. Penalty deleted - decided in favour of assessee.
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