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2015 (8) TMI 878 - AT - Income TaxPenalty u/s. 271(1)(c) - disallowance of claim of loss on sale of shares - Held that:- In the case of Omni Finstock Pvt. Ltd. (2015 (8) TMI 861 - ITAT AHMEDABAD) identical issue was involved wherein held that for the computation of capital gain in the present case, the A. O. shall work out the capital gain/capital loss on the basis of consideration received by the assessee and not on the basis of alleged market value of the shares sold by the assessee. Considering the facts of the case and the above discussions, though the assessee has not preferred any quantum appeal, we do not find it appropriate to levy of penalty because, on identical facts of computation of capital gain on the sale of shares of "Market creators Ltd.", on the basis of actual consideration received ie., @ ₹ 0.26 per share and not on the basis of alleged market value, it has been decided by the Tribunal in favour of the assessee on an earlier occasion in another assessee’s case mentioned supra. Accordingly, we set aside the order of the ld. CIT(A) and delete the penalty. - Decided in favour of assessee.
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