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2010 (3) TMI 803 - AT - Income TaxPenalty - Revised return - LTCG on sale of shares of M/s. Maruti Comforts and Inn Pvt. Ltd. was declared by the assessee at Rs. 52,89,898 and after setting off Short Term Capital Loss of Rs. 17,92,461, a sum of Rs. 34,97,437 was offered to tax as LTCG - AO on verification found that the cost of acquisition of shares was taken by the assessee at a higher amount of Rs. 210 per share as against the actual cost of acquisition of Rs. 40 per share - assessee has not only failed to substantiate his explanation as regards the higher cost of acquisition of shares claimed wrongly by him while computing the LTCG, but has also failed to show that the mistake committed by him while making the said wrong claim was bonafide - Decided against the assessee Penalty u/s 271(1)(c) - held that:- the assessee has not only failed to substantiate his explanation as regards the higher cost of acquisition of shares claimed wrongly by him while computing the LTCG, but has also failed to show that the mistake committed by him while making the said wrong claim was bona fide. Moreover, as already observed by us. even all the particulars relating to the said claim were not fully furnished by the assessee in the return of income originally filed. - Penalty confirmed - decided against the assessee.
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