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2014 (12) TMI 1169 - ITAT MUMBAIPenalty u/s 271(1)(c) - inaccurate particulars furnished by assessee in respect of value adopted for computation of capital gain in view of the mandatory provision of section 50C - CIT(A) deleted the addition - Held that:- As it is clear that the assessee has disclosed all relevant details as well as documents in support of its computation of Short term Capital Gain by taking into consideration the actual sale consideration received by the assessee. The fact of actual sale consideration received by the assessee has not been disputed by the Assessing Officer but the addition was made simply by applying the deeming provisions of section 50C. Therefore, in view of the various decisions as relied upon by the Ld. Authorized Representative as well as by the CIT(A), we do not find any error in the impugned order of CIT(A) in deleting the penalty levied u/s 271(1)(c). - Decided in favour of assessee.
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