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The Ld.CIT(A) after considering the assessment order, facts of thecaseas well as the submissions of the assessee has observed and held that the assessee was in obligation to disclose the transaction in the return of income and should have shown the income from capital gains. In the opinion of the Ld.CIT(A), the assessee suppressed the transaction and only it came to light during the assessment proceedings and therefore, there is a clear intention on the part of the assessee for concealing the income from the capital gain earned on sale of land. The Ld.CIT(A) upheld the order of the penalty u/s 271(1)(c) of Rs. 1,06,041/- being 100% of the taxation sought to be evaded as imposed by the Assessing Officer.Being further aggrieved, this appeal has been preferred by the assessee before Tribunal.

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Sec. 271(1)(c) of Income Tax Act, 1961— penalty — Concealment penalty -The procedure of imposition of penalty u/s 271(1)(c) shall arise and only arise if there is any concealment of income or furnishing of inaccurate particulars of income and the charge is of the concealment of income, the facts does not suggest even on a remote basis that assessee has concealed his income rather the assessee has acted under bonafide belief and even the Revenue could not place on record any evidence of receipt of income regarding 1/4th share of the property by the assessee in the relevant year, neither there is mens rea nor actus reus on the part of the assessee, thus, this is not a fit case for imposition of penalty u/s 271(1)(c) and the Assessing Officer was directed to delete the penalty from the hands of the assessee - RAVINDRA ANANT BHUSKUTE V/s ITO - [2020] 28 ITCD Online 022 (ITAT-PUNE)

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