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2019 (3) TMI 583 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - undisclosed capital gain - mismatch between the assessee's declared income and the claim of the refund of advance tax - HELD THAT:- We find that the Tribunal has given elaborate reasons for deleting the penalty. The record suggests that assessee had not offered certain receipts to tax under bonafide belief that the same was not taxable. Quite apart from the existence of the letter dated 20th September, 2010 not being disputed by the revenue either before the CIT (Appeals) or the Tribunal, during the assessment proceedings undoubtedly the assessee had made full representation why according to his belief the receipt was not chargeable to tax. Merely because the Assessing Officer did not accept such a stand of the assessee, would not automatically permit revenue to levy penalty. See COMMISSIONER OF INCOME-TAX VERSUS RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - No question of law in this respect arises. Penalty for breach of Section 54EC - HELD THAT:- Amount involved is extremely small and we therefore, do not entertain the question without going into merits thereof. We however record the confession of Shri Joshi for the assessee that the question whether investment under section 54EC can be total of ₹ 50 lakhs in all or would be capped to ₹ 50 lakhs in a assessment year, permitting similar such investment in the next year was not free from doubt. The assessee had no intention to breach this ceiling.
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