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2021 (1) TMI 884 - AT - Income TaxPenalty u/s 271(1)(c) - Addition towards interest paid on TDS and sales tax as well as addition relating to rental income treated as income from other sources - HELD THAT:- It is an undisputed fact that the assessee company furnished rent agreement during the assessment proceedings and TDS was deducted by the tenant u/s 194I - The assessee also disclosed the fact that the land belong to third party and the agreement with Dr. Sarita Kalra and after construction, the assessee company can give the constructed hospital to third party. The assessee company also disclosed the investment in construction in hospital as non current investment in balance-sheet. Thus, the assessee fully and truly disclosed the return of income and, therefore, the charge of furnishing inaccurate particulars of income by the Assessing Officer is not valid. The reliance of decision in case of CIT Vs. Amit Jain [2013 (1) TMI 340 - DELHI HIGH COURT] is very apt in the present case. Therefore, the CIT(A) was not right in dismissing the contentions of the assessee and confirming the partial penalty. Thus, the appeal of the assessee is allowed.
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