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2016 (7) TMI 267 - AT - Income TaxPenalty u/s 271(1)(c) on addition made u/s 68 - Assessee contended that she has neither concealed the income nor furnished inaccurate particular of income. All the relevant particular e.g. bank account, contract notes, share certificates, demat statements, copy of account with broker through whom the share were purchased and sold were submitted. However, the reply of assessee was not considered sufficient and satisfactory - Held that:- The assessee submitted her reply in response to the notice for penalty vide her reply dated 17 November 2007, wherein it was contended that sale consideration was paid through banking channel and she has no reason to believe that that the documents were not genuine or bogus as indicated to her by AO. The sale price of shares was received by assessee through her DMAT account out of which, 10,000 shares of were sold on 2nd June 2004 and remaining 16400 shares were sold on 15 June 2004 through DMAT account. Moreover, the claim LT CG was considered as income under section 68 of the Act, Thus it was a sufficient reply as per explanation 1 of Section 271(1) (c) of the Act. Thus the assessee sufficiently explained in the reply to the notice u/s 274 r.w.s. 271(1)(c) of the Act. And as such no inaccurate particular was filed by the assessee and the levy of the penalty was wrongly inflicted upon the assessee, hence there is no merit in the order of penalty and the same is deleted - Decided in favour of assessee
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