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2016 (7) TMI 604 - ITAT MUMBAIPenalty levied u/s 271(1)( c ) - exemption u/s 54F denied - whether for the purpose of calculating the date of purchase, the date of allotment is to be considered, or the date of registration? - Held that:- This aspect has been duly considered in various decisions, as relied on by the assessee. In these decisions, it is the date of allotment, which has been held to be the relevant date for the purpose of calculating the date of purchase. That being so, the factum of assessee‟s contention being that she had purchased the flat on 30.4.2003, which remains unsupported, but for the affidavit of the seller, would not be decisive so far as regards the levy of concealment penalty. It is an issue on which the assessee entertains a particular belief, which is not the belief of the taxing authorities and which view, being judicial supported, as above, cannot be said to be an implausible or impossible view. As such, it is a debatable issue, on which, concealment penalty, in my considered opinion, is not leviable. - Decided in favour of assessee.
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