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2018 (10) TMI 782 - AT - Income TaxPenalty u/s 271(c) - assessment of long term capital gain - Held that:- The assessee showed the long term capital gain in the next year whereas the sale has been completed on 31.08.2010. The assessee voluntarily furnished the detail in his return of income for the A.Y. 2012-13 in which the mater of controversy has been adjudicated above. All the facts show that the assessee was not having any intention to conceal the said income to avoid the tax, therefore, in view of the law settled in Price Waterhouse Coopers Pvt. Ltd. Vs. CIT [2012 (9) TMI 775 - SUPREME COURT] we are of the view that the penalty is not liable to be sustainable in the eyes of law. Accordingly, we set aside the finding of the CIT(A) on this issue and delete the penalty. Accordingly, these issues are being decided in favour of the assessee against the revenue.
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