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2013 (9) TMI 329 - ITAT MUMBAIPenalty u/s 271(1)(c) – Claim of exemption u/s 10(38) where no STT was paid - long term capital gain from sale of shares - Penalty was questioned to the extent it was in respect of addition made on account of long term capital gains - Held that:- The assessee has not been able to show satisfactorily that the so called mistake committed by him while making a wrong claim for exemption u/s 10(38) is a bonafide and genuine mistake and the assessee having not disclosed fully and truly all the material facts relevant to the said claim, we are of the view that it is a fit case to impose penalty u/s 271(1)(c). In that view of the matter, we uphold the impugned order of the learned CIT(Appeals) confirming the penalty imposed by the AO u/s 271(1)(c) and dismiss this appeal of the assessee. - Decided against the assessee.
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