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2018 (10) TMI 1290 - AT - Income TaxLevying penalty u/s 271(l)(c) - assessee wrongly declared the business income arisen on wrong trades executed on behalf of the clients as short term capital gains on sale of shares, claiming concessional rate of income-tax on short term capital gains on shares within provisions of Section 111A as against chargeability of business income at normal rates of income-tax, clearly causing prejudice to Revenue by way of short payment of income-tax - Held that:- Assessee has made bald statement before us but no details of the chartered accountant who made these mistakes and under what circumstances these glaring mistakes were committed by chartered accountant is not brought on record. No affidavit of the said chartered accountant nor any affidavit of the assessee is filed on record to substantiate that what is averred before us is true and correct but only bald statements are made. These mistakes are glaring mistakes committed in return of income filed with Revenue having direct impact on legitimate expectation of Revenue in depriving Revenue in collection of legitimate income-tax dues payable to them within mandate of the 1961 Act. No bonafide of committing such glaring mistakes are brought on record and these bald pleas cannot be accepted. No hesitation in confirming the penalty levied by the AO u/s 271(1)(c) which was later confirmed by learned CIT(A). The assessee fails in this appeal. - Decided against assessee.
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