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2022 (11) TMI 1292 - AT - Income TaxLevying of penalty u/s 271(1)(c) - addition made on account of LTCG for furnishing of inaccurate particulars of income - HELD THAT:- As relying on CHINUBHAI AMBALAL PATEL [2017 (8) TMI 1685 - ITAT AHMEDABAD] we do not justify the imposition of penalty levelled against the assessee on the basis of the deeming provision of Sub-Section (2) to Section 50C of the Act. Thus, the order passed by the authorities below under Section 271(1)(c) of the Act is found to be erroneous and bad in law and hence, quashed. Assessee’s appeal is allowed.
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