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2022 (5) TMI 372 - AT - Income TaxPenalty u/s 271(1)(c) - Addition on account of long term capital gain - bogus long term capital gain of penny stock - HELD THAT:- It is not in dispute that during the assessment the assessee filed revised computation of income and surrendered the long term capital gain. It is also undisputed fact that the AO has not issued any show cause notice to the assessee on the issue of long term capital or on penny stock. The case of assessee throughout the proceeding are that she intended to avail benefit of TDS Scheme, however, the case of assessee has already been selected for scrutiny so she could not apply for availing the benefit of IDS Scheme. As in CIT Vs Suraj Bhan [2006 (4) TMI 107 - PUNJAB AND HARYANA HIGH COURT] by following the decision of Hon'ble Supreme Court in CIT Vs Suresh Chand Mittal [2001 (6) TMI 63 - SC ORDER] held that when the assessee files a revised return showing higher income and gives explanation that he offered higher income to buy peace of mind and avoid litigation, penalty cannot be imposed merely on account of higher income having been subsequently declared. We are of the view that no penalty was leviable on the facts of the present case and we direct to delete the same. - Decided in favour of assessee.
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