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2013 (2) TMI 581 - HC - Income TaxPenalty u/s 271(1)(c) - assessee sold stock options received as a part of employment declaring in his return as long term capital gains whereas revenue treated it as short term capital gains - Held that:- Question whether the sale of the stock options would result in long term capital gains or short term gains was not very clear at the time when the assessee filed his return for the assessment year 2002-03. In fact the view taken by the AO in the quantum proceedings had been reversed by the CIT (Appeals) in the appeal filed by the assessee. The view taken by the CIT(Appeals) was ultimately reversed by the Tribunal and the view of the assessing officer was upheld in the quantum proceedings. This, in itself, is indicative of the fact that the issue was not very clear-cut. That being the position, the case of the assessee cannot be brought within the provisions of section 271(1)(c) of the said Act.
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