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TMI Blog2018 (1) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction of sale of agriculture land in the hands of assessee’s HUF as the property in question was ancestral. We, therefore find no reason to interfere in the findings of Ld. CIT(A) deleting the penalty u/s 271(1)(c) - Decded in favour of assessee - ITA No.248/Ind/2017 - - - Dated:- 12-1-2018 - SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER For The Revenue : Shri K.G. Goyal, Sr. DR For The Respondent : Shri S.S. Deshpande,CA (AR) ORDER PER MANISH BORAD, AM. This appeal filed by the Revenue is directed against the order of ld. Commissioner of Income-tax (Appeals)-1, Indore [in short referred to as the CIT (A)] dated 27.09.2016 arising out of the order u/s 271(1)(c) of the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n shown by the assessee in the return of income through Hindu Undivided Family (HUF) and all necessary details have been submitted therein and therefore there was no case of furnishing incorrect particulars of income. 4. Now the revenue has filed an appeal before the Tribunal against the order of Ld.CIT(A) and supported the penalty order of Ld.A.O. The Ld. Counsel for the assessee relied on the findings of Ld. CIT(A). 5. We have heard rival contentions and perused the records placed before us. The revenue s sole grievance is against the order of Ld.CIT(A) deleting ₹ 19,38,700/- levied by the A.O u/s 271(1)(c). We find that the impugned penalty is levied on concealment of long term capital gain arised on account of sale of agricu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out taking note of the submission that the LTCG was shown by the appellant in the hands of Narayan Patel Mali HUF in the return filed in the case of HUF before the ITO 2(1), Ujjain. It is also argued that the order has been passed without issuing notices at the current address. During the course of appellate proceedings the appellant has also contended that there was no concealment and or submission of inaccurate particulars of income was all the facts were disclosed in the return filed in the case of HUF and the LTCG was shown in the hands of the HUF on being advised that since the property was ancestral property it will amount to be property of HUF. 5.2 On perusal of the assessment order and penalty order, it is seen that penalty ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luding the judgment of the Hon ble Supreme Court in the case of CIT vs. Reliance Petro Products 322 ITR 158 (SC), wherein it has been held as under:- The argument of the revenue that submitting n incorrect claim for expenditure would amount to giving inaccurate particulars of such income is not correct. By no stretch of imagination can the making of an incorrect claim in law tantamount to furnishing inaccurate particulars. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regard the income of the assessee . In view of the above the penalty of ₹ 1938700/- is directed to be deleted. These grounds of the appellant are therefore allowed. 7. From the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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