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2016 (6) TMI 1221 - ITAT CHANDIGARHLevy of penalty under section 271(1)(c) - furnishing of inaccurate particulars of income - Held that:- Since assessee disclosed complete facts in the return of income as well as at the assessment stage and all the transactions are carried out through D-Mat Account and banking channel, therefore, it may not a case of furnishing of inaccurate particulars of income so as to levy the penalty against the assessee. The decisions relied upon by ld. counsel for the assessee also support the case of the assessee that it is not a fit case of levy of penalty. AO in the assessment order initiated the penalty proceedings for concealment of income but in the penalty order, Assessing Officer levied the penalty for furnishing inaccurate particulars of income. Therefore, Assessing Officer was not definite in his conclusion and finding as to on which account penalty should be imposed against the assessee. May be the addition on merit have been confirmed considering the long term capital gain to be income from other sources, but the facts clearly disclose that it is not a fit case of levy of penalty under section 271(1)(c) of the Act for furnishing inaccurate particulars of income. - Decided in favour of assessee.
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