TMI Blog2013 (6) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the order passed by the Commissioner of Income-tax (Appeals) on 14.06.2011 upholding penalty of `26,68,707 imposed by the Assessing Officer u/s 271(1)(c) of the Act in relation to the assessment year 2007-2008. 2. Briefly stated the facts of the case are that the assessee showed short term capital gain on sale of shares under buyback scheme and calculated tax at the rate of 10% on the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ute arose on the rate of tax at which such capital gain should be taxed. Whereas the assessee offered such capital gain for taxation at the rate of 10%, the Assessing Officer taxed it at the rate of 30%. The assessee accepted the view taken by the Assessing Officer and did not prefer any first appeal in the quantum proceedings. Insofar as the question of penalty under such circumstances is concern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end Stock Fund Mother Fund v. DDIT (IT) ITA No.3908/Mum/2012 in which the penalty was deleted under identical circumstances. The reliance of the learned Departmental Representative on another order passed by the Mumbai Bench of the Tribunal in Asia Management Consultancy Pvt. Ltd. decided on 13th April, 2011 is misplaced. In that case the assessee claimed exemption u/s 10(38) by claiming a particu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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