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2019 (4) TMI 977 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - quantum of addition has been confirmed by the High Court - Speculation loss claim - bonafide claim - assessee had shown certain derivative transactions and claimed a loss arising out of such transactions - Tribunal while deleting the penalty observed that the assessee had raised a claim which was based on bonafide interpretation of the provisions of the Act, was not a case where assessee had made intentionally a wrong claim - HELD THAT:- We are broadly in agreement with the view of the Tribunal. The assessee had made a bonafide claim. It may be that such claim was not accepted by the High Court. That by itself would not mean that the penalty should be confirmed. It is well settled that mere rejection of a claim otherwise made bonafide and on arguable legal contentions would not give rise to penalty proceedings. Reference in this respect can be made to the decision of the Supreme Court in case of CIT Vs. Reliance Petro Products Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Decided against revenue
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