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2022 (7) TMI 56 - AT - Income TaxPenalty u/s. 271(1)(c) - assessee's claim of short term capital gain was treated as business income - disallowance u/s. 14 was made as AO and100% claim of 80G deduction was reduced to 50% - HELD THAT:- On the issues aforesaid on which penalty has been sustained, no cogent case has been made out of concealment or furnishing of inaccurate particulars. When all the details are before the Revenue authorities and the claim is not accepted, this fact ipso facto cannot lead to levy of penalty u/s. 271(1)(c) - This view is duly expounded in the case of Reliance Petro Products Pvt. Ltd.[2010 (3) TMI 80 - SUPREME COURT] - In our considered opinion, assessee's claim as aforesaid cannot be said to be ex-facie bogus. Hence, we set aside the orders of authorities below and decide the issue in favour of assessee.
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