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2010 (10) TMI 94 - HC - Income TaxLong term capital gain on shares - Subsequently, he surrendered the aforesaid claim of long term capital gain on shares, to be assessed at the normal rate of tax with the prayer that no penalty proceeding be taken under Section 271 (1) (c) of the Income Tax Act, 1961 - Held that: - penalty proceedings were also dropped - Appeal is allowed
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