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Whether the Tribunal was right in law in confirming the levy of penalty under s. 271(1)(c) of the Act ?

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Sec. 271(1)(c) & 274 of Income-tax Act, 1961— Penalty—Penalty deleted as assessee had never suppressed any material fact from the revenue.

Facts: "Whether the Tribunal was right in law in confirming the levy of penalty under s. 271(1)(c) of the Act ?"

Held, that it is quite evident that assessee had declared the full facts and the sale agreement at the first instance; the full factual matrix or facts were before the AO while passing the assessment order. It is clear from the facts that assessee had never suppressed any material fact from the revenue. It is another matter that the claim based on such facts was found to be inadmissible. This is not the same thing as furnishing inaccurate particulars of income as contemplated under s. 271(1)(c).Thus, on a careful examination of the entire matter, we answer the substantial question of law in favour of assessee. - SHRI OMPRAKASH T. MEHTA V/s ITO - [2020] 28 ITCD Online 008 (BOM)

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