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2020 (5) TMI 50 - AT - Income TaxLevy of penalty u/s 271(1)(c) - long term capital gain as well as interest disallowance made - omission to declare long term capital gain in the return of income - HELD THAT:- There was inadvertent omission on the part of the assessee to declare the long term capital gain in his return of income, since the sale consideration received on sale of land was shown as sundry creditors in the books of account - assessee has voluntarily declared the fact of omission to declare long term capital gain in the return of income before the AO during the course of asst. proceedings. Hence the ld CIT(A) has correctly taken the view that penalty is not leviable on the long term capital gain declared by the assessee. Disallowance of interest expenditure - said disallowance was made only for want of proof. In our view the decision rendered by Hon’ble Supreme Court in the case of Price Water House Coopers Pvt. Ltd. [2012 (9) TMI 775 - SUPREME COURT] would support the case of the assessee in respect of long term capital gain and the decision rendered by Hon’ble Supreme Court in the case of Reliance Petro Products Ltd [2010 (3) TMI 80 - SUPREME COURT] would support the case of the assessee in the case of interest disallowance. The decision in the case of MAK Data Pvt. Ltd.[2013 (11) TMI 14 - SUPREME COURT] in our view, was rendered by Hon’ble Supreme Court in the context of amounts surrendered during the course of survey proceedings and hence the said decision is not applicable to the facts of the present case. In view of the above we do not any infirmity in the decision taken by the ld CIT(A) in deleting the penalty levied u/s 271(1)(c) - Decided in favour of assessee.
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