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2015 (12) TMI 552 - AT - Income TaxPenalty under section 271(1)(c) - unexplained cash credit - CIT(A) deleted addition - Held that:- The major addition which was made by the AO was on account of unexplained cash credit in the form of sale of shares which was duly shown in the return of income by the assessee as long term capital gain subject to tax @ 10% under section 112 of the Act, whereas the co-ordinate Bench in assessee’s own case for AY 2004-05has held it to be a short-term capital gain and to be taxed accordingly, which means that necessary details and information were provided in the income-tax return except the proper head of income which was short term capital gain but was shown as long term capital gain by the assessee. Such a mistake cannot be construed as a concealment of income u/s 271(1)(c). Therefore, in view of above, as well as relief given by co-ordinate Bench to the assessee in assessee’s own case for AY 2004-05 against the order of AO u/s 143(3), we do not find any reason to interfere with the order of CIT(A). We uphold the same. - Decided against revenue
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