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2015 (10) TMI 939 - AT - Income TaxPenalty u/s. 271(1)(c) - wrong claim on the sale of shares - addition of Short Term Capital on sale of shares in the income returned - Held that:- In the present case, we observe that the assessee has not furnished inaccurate particulars with respect to the purchase and sale of shares. The mistake has been committed in computing the capital gain arising from sale of shares. We are of considered view that the mistake is bonafide and unintentional. The Revenue has not denied that the details of share transactions furnished by assessee are correct. The assessee has only erred in computing capital gain from sale of shares. Thus, in view of the facts of the case it cannot be said that it is a case fit for levy of penalty u/s. 271(1)(c) of the Act. Hence, the order levying penalty is set aside and the appeal of the assessee is allowed. See Udayan Mukherjee Versus Commissioner of Income-Tax. [2005 (11) TMI 62 - CALCUTTA High Court] - Decided in favour of assessee.
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