Penalty on Taxpayer Overturned Due to Bona Fide Explanation and Disclosure of Facts; Tribunal Deletes Section 270A Penalty.

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....Penalty u/s 270A was imposed by disallowing 30% of indexed cost of development expenses concerning Long Term Capital Gain offered by the assessee due to failure to furnish certain supporting evidence. The assessee had submitted all details before the Assessing Officer and explained the reason for not furnishing a few vouchers as they were misplaced but was willing to produce them. The Assessing Officer proceeded to levy penalty u/s 270A on an estimated basis. The Appellate Tribunal noted that the Assessing Officer's action of levying penalty cannot be countenanced. Considering the assessee's bonafide explanation and disclosure of material facts, and as the disallowance was purely on estimation, the Tribunal held it is not a fit case for pen.........