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2018 (3) TMI 230 - HC - Income TaxPenalty u/s 271(1)(c) - eligibility to benefit of Section 273A - Held that:- In the present case, the petitioner was in possession of the detailed and specific information in respect of the suspicious long term capital gain on share, but he failed to submit the same prior to the detection of the Assessing Officer (prior to letter dated 27.10.2017 issued by the AO and neither he produced any material evidence or document that his case is of genuine hardship nor he pointed out that it would cause genuine hardship financially or in any manner and thus, the learned authority rightly rejected the prayer for waiver of penalty in section 273A(1)(4) of the Act, as he failed to fulfill the conditions prescribed therein and thus, we are of the view that the learned authority has not committed any legal error in passing the impugned order, no case is made out to interfere with the well reasoned impugned order as prayed by the petitioner is made out. The petition filed by the petitioner has no merit and is accordingly, dismissed.
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