Tribunal held that  the buyer and the seller had agreed that they would present the cheques in October, 2010 whereas the Reserve Bank of India put restrictions on the functioning of the bank with effect from September 24, 2010. Due to the bank being in critical financial condition and the restrictions imposed on the bank by the Reserve Bank of India no payment was realised in the year 2011-12. The assessee was under the bona fide belief that since he had not received any consideration during the relevant year, the sale was not complete and no profits accrued to him. The procedure of imposition of penalty under section 271(1)(c) shall arise only if there was any concealment of income or furnishing of inaccurate particulars of income. To determine these factors, the facts and circumstances are essential. The facts did not suggest even remotely that the assessee had concealed his income. Rather the assessee had acted under a bona fide belief and the Department had not placed on record any evidence of receipt of income regarding one-fourth share of the property by the assessee in the relevant year. Neither there was mens rea nor actus reus on the part of the assessee. Therefore this was not a fit case for imposition of penalty under section 271(1)(c) and the Assessing Officer was directed to delete the penalty.(AY.2011-12)