2023 (5) TMI 220 - AT - Income Tax

Penalty u/s 271(1)(c) - furnishing inaccurate particulars of income - capital gain on account of the applicability of section 50C - HELD THAT:- As regards the capital gain on account of the applicability of section 50C of the Act, the assessee has already showed the income in response to the notice issued u/s. 148 - assessee also emphasized that the difference is less then 10 % as changed in the law and even though the assessee has paid the tax and now in accordance in the change in price range the assessee should get the benefit at least in the levy of penalty based on the decision of CIT Vs. Vatika Township [2014 (9) TMI 576 - SUPREME COURT] beneficial provision should be read liberally.

The bench also noted that decision relied upon by the lower authority are having the different facts and are not applicable to the facts of this case.

As regards the balance addition made on account of the meager amount and on account of difference of opinion only. As referring to case of CIT Vs. Reliance Petroproducts Private Limited [2010 (3) TMI 80 - SUPREME COURT] we vacate the levy of penalty u/s. 271(1)(c) of the Act - Appeal of the assessee is allowed.