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2019 (1) TMI 398 - ITAT CHENNAIPenalty u/s 271(1)(c) - land in question is not an agricultural land - concealing or furnishing inaccurate particulars of income - Held that:- It is a common knowledge that in many areas, the Registration Department for the reasons best known to them, has classified the lands even though the classification in the revenue records stand as wet land or dry land. This Tribunal is of the considered opinion that if the land is classified as wet land, then there should be natural source of irrigation for cultivation. In case it was classified as dry land, the land may be cultivated by using rain or there may be artificial source of irrigation by way of well or borewell. These factors were not brought on record either by the Assessing Officer or by the CIT(Appeals). Moreover, a mere claim in the return of income as agricultural land cannot be considered to be furnishing inaccurate particulars of income or concealing any part of income. No case of the Revenue that the assessee has not disclosed entire sale consideration. It is also not the case of the Revenue that the assessee has concealed any part of sale proceeds of the said land. The admitted case of the Revenue is that the assessee claims the gain arising out of sale of land as exemption on the ground that the land in question is agricultural land. This Tribunal is of the considered opinion that this claim of the assessee cannot be considered to be concealing any part of income or furnishing inaccurate particulars of income as held in CIT Vs. Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT] - decided in favour of assessee.
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