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2016 (7) TMI 375 - AT - Income TaxPenalty u/s. 271(1)(c) - as per assessee income arising from 'Redemption of Mutual funds' is exempted from tax - AO treated the said exempted income as short Term Capital Gain and added the income to total income and taxed thereon at special rate @ 10% u/s. 111A - Held that:- We find that the plea of the assessee is bona fide and also find that the AO had levied penalty for filing inaccurate particulars of income in respect of short term capital gains of ₹ 6,51,937/- and levied penalty of ₹ 60,173/- thereon. But the Ld. CIT(A) had confirmed the levy of penalty on the ground of concealment of income. Hence, there is a basic difference on the charge attributed on the assessee by the revenue. In these circumstances, penalty could not be imposed on the assessee - Decided in favour of assessee
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