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2016 (5) TMI 234 - ITAT AHMEDABADPenalty u/s 271(1)(c) - excess claim of cost of acquisition - Held that:- The excess claim of cost of acquisition made by the assessee was not detected by the Assessing Officer, but the assessee had suo motu and voluntarily brought to the notice of the Assessing Officer by letter dated 17.09.2013. The assessee had furnished all the relevant documents which would show the share of the assessee in the said land, e.g., the copy of sale deed of the said land was placed on the record of the Assessing Officer which clearly point out the share of the assessee. Thus, there was no attempt on the part of the assessee to hide or conceal anything relating to this claim. In view of the above facts and circumstances of the case, the Assessing Officer was not justified in imposing penalty. Reliance placed on the decision of Reliance Petro Products P Ltd, reported (2010 (3) TMI 80 - SUPREME COURT ), wherein it is held that mere rejection of any claim would not automatically invite penalty so long as the claim is bonafide and genuine, the rejection of such claim would not amount to furnishing inaccurate particulars of income. In the light of above, delete the penalty imposed u/s 271(1)(c) of the Act. - Decided in favour of assessee
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