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Assistant Commissioner of Income Tax, Circle 43(1), New Delhi. Versus Neenu Datta, - 2012 (9) TMI 232 - ITAT, DELHI

Published on: Sep 10, 2012

In: Income Tax

Penalty u/s 271(1)(c) business income or capital gain - AO treat the gain as short term capital gain and initiated penalty proceeding u/s 271(1((c) - Assessee accepted the decision of the AO and went with the tax authorities by not contesting the issue and by paying the tax as required by the AO Held that - merely making a wrong claim in the return of income cannot a ground for imposing penalty u/s 271(1)(c) of the Act as it neither amounts to furnishing inaccurate particulars nor amounts to concealment of income. - Where there is no finding that any details supplied by the assessee in its return are found to be incorre ....... - .......


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