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2013 (7) TMI 410 - AT - Income TaxPenalty u/s. 271(1)(c) - computation of Long term capital loss at Rs.1,62,52,952/- as against 3,36,50,113/- claimed by the assessee - CIT(A) deleted the levy holding that the assessee had rightly claimed LTCL of Rs.3,36,50,113/- holding that Explanation (iii) to section 48 has to be read to mean that the indexed cost of acquisition has to be computed by taking into account the period for which the asset was held by the previous owner - Held that:- Without going into the controversy as to whether the disallowance was rightly or wrongly made by the AO in the assessment order, we are in agreement with the observation of the CIT(A) to the extent that where two views are possible and the assessee has taken one of the possible views but the AO has not agreed to that view that itself is not a ground for levy of penalty. The view taken by the assessee in this case is one of the possible views and the issue was also debatable hence, under such circumstances it cannot be said that the assessee had furnished inaccurate particulars of income to conceal her income. In favour of assessee.
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