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2020 (8) TMI 36 - AT - Income TaxPenalty u/ s 271(1)(c) - bogus long-term capital gain - Assessee himself had surrendered his long-term capital gains claim to be exempt u/s 10(38) as bogus in the assessment - HELD THAT:- We see no reason to express our concurrence with the Revenue’s stand. We make it clear that hon’ble apex court’s landmark decision in Reliance Petroproducts’ case [2010 (3) TMI 80 - SUPREME COURT] has settled the law that quantum and penalty proceedings stand on different footing and each and every disallowance/addition in the former does not ipso facto attract the latter penal provision. Assessee has filed all the relevant supporting evidence in support of genuineness of this above-stated long-term capital gains derived during the course of scrutiny. That being the case, we find that this tribunal’s coordinate bench’s decision in Smt. Amita Tulsiyan [2019 (5) TMI 849 - ITAT HYDERABAD] holds that such an instance neither amounts to concealment nor furnishing of inaccurate particulars of income u/s 271 - Decided in favour of assessee.
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