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2018 (9) TMI 709 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - assessee has furnished inaccurate particulars of income and has introduced her own unexplained money in the guise of bogus long term capital gain on sale of penny stocks - Assessee had surrendered the claim of exemption u/s. 10(34) - Held that:- In the computation of income the assessee has duly disclosed all the particulars of her income and under the head “Income with full exemption” the assessee has claimed dividend income as exempt and also long term capital gain on which STT is paid which is also exempt from tax. Further find that during the course of scrutiny assessment proceedings the AO has proceeded by the assumption that the shares purchased and sold by the assessee comes into the category of penny stock companies. AO has drawn support from outside information. The surrender of exemption by the assessee on repetitive queries would not amount to furnishing of inaccurate particulars of income. The assessee has claimed exemption as per the provisions of law, though surrendered during the course of assessment proceeding - No penalty to be levied - decided in favour of assessee
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