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2017 (7) TMI 305 - AT - Income TaxPenalty order u/s 271(1)(c) - Short term capital gain - Held that:- There is no mechanism to determine the amount of tax sought to be evaded in this case, as the short term capital gain declared is accepted as ‘zero’, even though the carried forward losses got reduced in the computation. Since explanation-4 cannot be invoked, question of determining the amount of tax sought to be evaded does not arise in this case. Therefore, there can be no penalty u/s 271(1)(c) of the IT Act, where the returned income is accepted as such. - Decided in favour of assessee.
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