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2012 (7) TMI 768 - ITAT, AHMEDABADPenalty u/s. 271(1)(c) of the Act - disallowance of adjustment/set off of short term capital loss incurred in sham transaction of purchase and sale of shares – Held that:- Addition made on account of transaction has been deleted - assessee had made claim of short term loss, and merely claim of the assessee has been rejected by the Assessing Officer would not be sufficient to levy of the penalty - penalty provisions u/s. 271(1)(c) of the Act can not be invoked solely on the ground that a claim made in terms of income is rejected by the AO - Assessment proceedings and penalty proceedings are distinct and independent - Revenue’s appeal is dismissed
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