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2012 (8) TMI 220 - ITAT MUMBAIPenalty u/s. 271(1)(c) - addition/disallowance made by the Assessing Officer under the normal computation of the Act when the assessment has been finally made and tax has been paid u/s. 115JB – Held that:- Penalty u/s. 271(1)(c) in the case of the assessee cannot be imposed, because there was no tax sought to be evaded because the additions in respect of which penalty have been imposed, was made while computing the total income under the normal provisions of the Act and finally the income of the assessee was determined on the basis of the book profit u/s. 115JB Penalty u/s. 271(1)(c) - For concealment of income - Assessee claimed short-term capital gain on sale of shares - However, Assessing Officer rejected said claim and treated gain as speculative business income under section 73 – Held that:- Appellant company was having shares in the nature of 'investment' and accordingly they were shown under the head "investment" in the balance sheet and gain on sale of such shares was bonafidely shown under the head "capital gain" - mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - appellant cannot be held to be guilty of either furnishing of inaccurate particulars of income or has concealed particulars of income – penalty cannot be levied – In favor of assessee
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