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2018 (6) TMI 1319 - AT - Income TaxPenalty proceedings u/s.271(1)(c) - addition made on enhanced compensation on acquisition of land - Held that:- Firstly, at the time of filing of original return of income assessee’s claim for non taxability of Long Term Capital Gain was not bonafide as already a dispute was going on; and secondly, the investment in NABARD bonds was duly disclosed at the time of original return of income. Thus, it cannot be held that assessee has concealed any particulars of income or has furnished inaccurate particulars of income. We agree with the observation of the ld. CIT (A) that prior to judgment of Hon'ble Supreme Court in the case of Ghanshyam (HUF) (2009 (7) TMI 12 - SUPREME COURT) there were many decisions of the Hon'ble High Court wherein the year of taxability of enhanced compensation was highly debatable. This judgment of Hon'ble Supreme Court had come after the closure of the financial year 31st March, 2009. Thus, at the time of filing of return of income assessee did have a bonafide belief and therefore, we do not find any infirmity in the order of the CIT (A) in deleting the penalty. Accordingly, the appeal filed by the Revenue is dismissed.
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