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2017 (11) TMI 1064 - ITAT JAIPURPenalty u/s 271(1)(c) - loss incurred in trading of shares treated as speculation loss on the basis that delivery of shares was not taken - Held that:- As in the present case there is neither allegation of the assessee attempting to defraud the revenue nor is there any allegation that the loss in question was not actually sustained by the assessee, there is no point imposing penalty. See Dy. CIT vs. Shree Ram Electrocast [2017 (8) TMI 653 - ITAT KOLKATA] - Decided in favour of assessee.
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