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2014 (7) TMI 1204 - AT - Income TaxPenalty u/s.271(1)(c)- disallowance of loss on RBI Bonds - Held that:- We are not in agreement with the findings of learned CIT(A) because the nature of the receipt, the amount receipt on maturity on tax free RBI bonds as well as other related information was placed before the Revenue Department at the time of filing of the return. Therefore, it can be opined that there was no concealment about the particulars of the facts regarding the maturity of RBI bonds. On those facts being disclosed before the Revenue Department a legal question has cropped up whether the assessee was eligible for the short term capital loss or not. Although, it is true that the loss was not permissible in the eyes of law but the correct position of law could only be ascertained by the Revenue Department after examining the facts of each case. Because of this reason, we hereby hold that the case of Reliance Petro Product Pvt. Ltd., (2010 (3) TMI 80 - SUPREME COURT ) is applicable and the penalty deserves to be deleted - Decided in favour of assessee
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