Tax Authorities Accept Explanation: No Penalty Imposed for Painting Sales u/s 271(1)(C) Due to Honest Belief.

Penalty u/s.271(1)(C) - paints were his “personal effects” - the plea of the assessee that receipts from sale of paintings were not offered to tax on a bona fide belief is acceptable. - as there was neither concealment of particulars of income or furnishing of inaccurate particulars of income, no penalty - AT .....

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