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2012 (7) TMI 648 - AT - Income TaxLevy of penalty u/s 271B - non compliance with the provisions of sec 44AB - Held that:- No penalty shall be levied if the assessee proves that there was a reasonable cause for the failure on his part in compliance with the provisions of the Act. There is no dispute regarding the fact that this is the first year during which the assessee carried out the share trading activity and the assessee is not highly qualified or educated person to have the knowledge of all the relevant provisions of law and it is not the case of persistent default but due to inadvertence and bonafide belief and having lack of knowledge, the assessee could not comply with the provisions of sec 44AB - assessee is entitled for the benefit of sec. 273B - in favour of assessee.
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