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2015 (4) TMI 977 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - borrowing/advances towards ancestral share in the property not proved - Tribunal confirming the order of CIT(A) in deleting penalty - Held that:- Commissioner of Income Tax (Appeals) and the Tribunal by the impugned order have accepted the explanation offered by the respondent-Assessee. Consequently holding that inability to prove a liability would not amount to furnishing of inaccurate particulars for the purpose of imposing penalty under Section 271(1)(c) of the Act. Moreover, it is pertinent to note that the appellant-Revenue has proceeded on the basis that there was in fact a sale of property as is evident from the fact that the reopening notice under Section 148 of the Act was issued on 22/03/2012 seeking to reopen the assessment for AY 2007-08. This notice for reopening dated 22/03/2012 is identical to the basis of the explanation offered by the respondent-Assessee viz. that there was a sale of property which resulted in the Assessee being paid ₹ 92.00 lakhs. Thus, there is no reason shown to us to disturb the concurrent findings of fact arrived at by the Commissioner of Income Tax (Appeals) and Tribunal . No substantial question of law - Decided against revenue.
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