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2024 (2) TMI 792 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - addition made on account of mistake in treating the income from transfer of depreciable asset as long-term capital gain instead of short term capital gain as per provisions of Section 50 - HELD THAT:- Assessee had neither concealed any income nor furnished any incorrect particulars of such income. Admittedly, assessee had shown correct sale consideration of the property and also shown correct cause of depreciation in the return of income, so no income as such has been concealed. The only thing that assessee did was claiming a particular income (Capital Gain) under different head namely under long term capital gains as against short term capital gains. Assessee claims that it was done under bonafide belief that the asset was a long-term asset as it was held for more than three years. Just because assessee was a director in some companies cannot be a reason to state that claiming this short-term capital gain as long-term capital gain was to avoid payment of any tax - entire short term capital gain was paid even before the assessment order was passed. A mere making of claim, which is not sustainable in law, by itself, will not amount to furnishing incorrect particulars regarding the income of assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars as held in Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee.
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