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2019 (11) TMI 577 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of income in respect of long term capital gains - HELD THAT:- It is well settled that the parameters of judging the justification for addition made in the assessment case of the assessee is different from the penalty imposed on account of concealment of income or filing inaccurate particulars of income and that certain disallowance/addition could legally be made in the assessment proceedings on the preponderance of probabilities but no penalty could be imposed u/s. 271(1)(c) on the preponderance of probabilities and Revenue has to prove that the claim of expenses by the assessee was not genuine or was inflated to reduce its tax liability. Before us, Ld.A.R. has given the reasons for not offering the capital gains to tax initially but was offered subsequently in the return of income filed in response to notice u/s 148 of the Act. The submissions have not been controverted by the Revenue nor have they been found to be untrue. There is nothing on record to demonstrate that assessee had concealed the particulars of income. Considering the totality of the aforesaid facts and also relying on the decision of Bombay ITAT in the case of NSE IT Ltd., Vs. DCIT [2018 (3) TMI 1585 - ITAT MUMBAI] we are of the view that in the present case no case for levy of penalty u/s. 271(1)(c) of the Act has been made out. We thus direct the deletion of penalty u/s. 271(1)(c) of the Act. Thus, the grounds of assessee are allowed.
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