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2019 (4) TMI 832 - ITAT DELHILevy of penalty u/s 271(1)(c) - addition on account of surrender of sale amount of the assessee in place of returned income - HELD THAT:- As decided in DEEPTY AGARWAL AND CHARU AGARWAL VERSUS ITO, WARD 1 (2) , MEERUT [2018 (9) TMI 709 - ITAT DELHI] in the computation of income the assessee has duly disclosed all the particulars of her income and under the head “Income with full exemption” the assessee has claimed dividend income as exempt and also long term capital gain on which STT is paid which is also exempt from tax. As find that during the course of scrutiny assessment proceedings the AO has proceeded by the assumption that the shares purchased and sold by the assessee comes into the category of penny stock companies. AO has drawn support from outside information. The surrender of exemption by the assessee on repetitive queries would not amount to furnishing of inaccurate particulars of income. The assessee has claimed exemption as per the provisions of law, though surrendered during the course of assessment proceedings. No penalty is leviable u/s 271(1)(c) - Decided in favour of assessee.
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