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2015 (9) TMI 318 - BOMBAY HIGH COURTPenalty under Section 271(1)(c) - Assessee did not adjust the dividend income against short-term capital gain in view of Section 94(7) - Tribunal held that penalty under Section 271(1)(c) is not leviable when parameters laid in Explanation 1(B) of Section 271(1)(c) stands satisfied - Held that:- Order of the Tribunal is based on finding of fact, which is not shown to be perverse as Tribunal held that the respondent-assessee having made complete disclosure in the return of income, the fact that during the assessment proceedings a claim was made by the respondent - assessee to the effect that Section 94(7) would not be applicable in their case, cannot be a ground for imposing penalty. The Tribunal relied upon the decision of the Apex Court in the matter of CIT v. Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT] wherein it has been held that levy of penalty is not justified merely because a claim made by the assessee has been rejected. The Tribunal also records a finding of fact that all details of loss claimed has been stated in the return of income and making a bona fide claim to be exempted from the provisions of Section 94(7) would not amount to furnishing of inaccurate particulars or concealing income on the part of the respondent - assessee. - Decided in favour of Assessee.
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