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2010 (8) TMI 361 - AT - Income TaxPenalty - Assessing Officer made addition under the head ‘Short-term capital gain’ on account of violation of provisions of section 94(7) of the Act by not ignoring losses - The Assessing Officer levied penalty of Rs. 28,91,605 being 100 per cent of tax sought to be evaded under section 271(1)(c) of the Act in respect of income of Rs. 85,90,626 - Apex Court in the case of CIT v. Reliance Petroproducts (P.) Ltd. (2010 -TMI - 75701 - SUPREME COURT) held that there can be no dispute that everything would depend upon the Return filed because that is the only document, where the assessee can furnish the particulars of his income when such particulars are found to be inaccurate, the liability would arise - But in the case under consideration we find that the assessee has furnished full detail and has not concealed any particulars of income or has furnished any inaccurate particular of income – Accordingly penalty levied are cancelled and the appeal is allowed
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