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2014 (8) TMI 61 - AT - Income TaxPenalty u/s 271(1)(c) – Capital gains liability u/s 50C – Held that:- The calculation of capital gains was ‘nil’ and on this belief transaction was not disclosed in assessee’s return of income - the assessee became liable for capital gain and he offered the same for taxation - The revised computation of capital gain was accepted by the Revenue and exemption u/s 54 was duly granted to the assessee - capital gains liability arose on account of application of sec. 50C of the Act - stamp duty value of the subject property was taken as the consideration deemed to have been received by the assessee - In view of the deeming provision u/s 50C, the assessee has made liable for capital gains tax - There has been no concealment or deliberate Act on the part of the assessee in furnishing inaccurate particulars of income, warranting imposing of penalty u/s 271(1)(c) of the Act - relying upon CIT Vs Harnarain [2011 (10) TMI 14 - DELHI HIGH COURT] - no penalty can be imposed, if the assessee surrenders his income voluntarily even after receipts of questionnaire, in absence of detection or information of concealment by the Revenue - the order of the CIT(A) has correct and in accordance with law and no interference is called for law – Decided against Revenue.
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