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2016 (11) TMI 738 - ITAT DELHIPenalty imposed u/s 271(1)(c) - not declaring the correct Long Term Capital on sale of immovable properties - Held that:- Rule of Evidence and in case the assessee fails to offer any explanation or his explanation is found to be false or the explanation is not substantiated, the presumption that he has concealed particulars of income automatically comes into play. It is true that the assessee had disclosed the transactions regarding sale of property in the computation of income filed with the return of income. We further find that the ld. CIT(A) has deleted the penalty in the case of the very assessee for A.Y 2008-09 by relying on the decision of the ITAT vide order dated 22.11.2013. In view of our above discussion, conclusion of the ld. CIT(A) and following our own order, we uphold the order of the first appellate authority and we decline to interfere with the same. We direct the AO to delete the penalty so made by him. - Decided in favour of assessee.
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