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2016 (9) TMI 991 - ITAT MUMBAIPenalty u/s 271(1)(c) - LTCG V/S STCG - treatamnet to capital gain - Held that:- We are of the considered view that the learned CIT (A) has confirmed the penalty levied by the AO on the basis that the assessee sought undue advantage by seeking to declare income earned from shares as long term capital gains when in the quantum appeal the Tribunal treated the same as short term capital gains. In our considered view, mere making a claim under wrong head does not automatically constitute that any details supplied by the assessee before the Assessing Officer are not accurate and penalty can be levied. Our this view is fortified by the judgment of the Hon’ble Apex Court rendered in the case of CIT Vs Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT]. Accordingly, we reverse the findings of the learned CIT (A). Consequently, the penalty levied on the assessee is deleted. - Decided in favour of assessee.
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