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2015 (9) TMI 1235 - AT - Income TaxPenalty U/s. 271(1)(c) - furnishing of inaccurate particulars - concealment of income - claim of exemption u/s 10(38) whereas sale of shares was not through stock exchange - company adopted LIFO method where as AO adopted FIFO method for valuation of shares - Long Term Capital Gains claimed as ‘Short Term Capital Gain’ and setting off to the business loss claimed - Held that:- The principles laid down by the Hon'ble Supreme Court in the case of Price Waterhouse Coopers Pvt. Ltd., Vs. CIT [2012 (9) TMI 775 - SUPREME COURT] certainly applies to the facts of the case. Since AO has re-computed the computation by following FIFO method as against the average cost price method adopted by assessee, it cannot be stated that assessee is guilty of furnishing inaccurate particulars. Mere making of a claim by way of wrong method of computation by itself will not amount to furnishing of inaccurate particulars of income and said method claimed in the return of income cannot amount to furnishing inaccurate particulars of income. As already stated, assessee had admitted the mistake it committed in claiming exemption, by filing revised computation and setting off to business loss, on the very first date of hearing itself before the same was noticed by the AO. Therefore, assessee has neither furnished inaccurate particulars nor concealed income. In fact it is not the case of Revenue that assessee has concealed any income. this is not a fit case for levying penalty. - Decided in favour of assessee.
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