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2014 (7) TMI 799 - ITAT MUMBAIPenalty u/s 271(1)(c) – Inaccurate particulars furnished – Held that:- Assessee had purchased various plots of land and in some cases along with building from the year 2002 to 2005 - the assessee has not carried out any repeated transactions of sale and purchase but all the plots were sold - it was not a regular activity of the assessee and there is no prior or subsequent instance of purchase and sale of property by the assessee the rejection of claim by taking a different view does not ipso facto warrant levy of penalty when there is no finding that the claim of the assessee is a bogus claim or absolutely impossible/inaccurate claim - assessee has furnished all the relevant particulars regarding purchase as well as sale of property in question - assessee let out some of the property after acquisition which shows the assessee’s intention was to retain property for a longer period and not to hold simply to resell at the earliest possible occasion – Relying upon CIT vs. Bennett Coleman & Co. Ltd. [2013 (3) TMI 373 - BOMBAY HIGH COURT] - there is only a change of head of income and in the absence of the fact that the claim of assessee was not bonafide the Tribunal deleted the penalty imposed under section 271(1)(c) of the Act and there is no reason to interfere with the order of the Tribunal - rejection of capital gain/loss in the case of the assessee does not warrant levy of penalty is set aside – Decide in favour of Assessee.
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