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2015 (10) TMI 595 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - disallowance of excess cost of acquisition claimed by the assessee, while computing capital gains arising on sale of land - Held that:- In the present case, the assessee had furnished the explanation giving reasons for mistake in mentioning the amount of cost of acquisition of land. It has been stated that the mistake was bonafide. In the books of account the amount was correctly mentioned. Since, it was the first year of filing returns by using computer software, there is every possibility of committing error in transformation stage. Therefore, there was no reason to disbelieve the reasons given by the assessee. The Department has not been able to discharge the onus of establishing that the assessee had deliberately concealed the income or furnished inaccurate particulars of income. Thus, in view of the facts of the case, we accept the explanation furnished by the assessee and delete the penalty levied u/s. 271(1)(c) of the Act. - Decided in favour of assessee.
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