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Assistant Commissioner of Income Tax, Circle 43(1), New Delhi. Versus Neenu Datta, - 2012 (9) TMI 232 - ITAT, DELHI - Income Tax
......... ul surrender and acceptance to pay tax as determined by the AO. 12. Per contra, ld. CIT(A) rightly held that there was no concealment of fact or furnishing of wrong or incorrect fact in the return by the assessee. The assessee merely claimed the income on sale of stock as long term capital gain which was assessed by the AO as short term capital gain and the assessee accepted the decision of the AO and went with the tax authorities by not contesting the issue and by paying the tax as required by the AO. Therefore, there was no occasion to impose penalty on the assessee by the AO and we are inclined to hold that the ld. CIT(A) rightly deleted the penalty. In view of above, we do not find any infirmity or perversity in the impugned order and accordingly, we reach to the conclusion that this appeal by the Revenue is devoid of merits and deserves to be dismissed. 12. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open court on 20th July, 2012.