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2019 (5) TMI 849 - ITAT HYDERABADPenalty u/s 271(1)(c) - LTCG is bogus and pre-determined method only to bring back the unaccounted money - exemption from taxation u/s 10(38) initially allowed by AO but subsequently came to the conclusion that the income has escaped the assessment on receipt of the report of the DIT (Inv.) Hyderabad - in the re-assessment proceedings, assessee has offered the LTCG to tax - penalty levied for furnishing of inaccurate particulars of income or concealment of income? - HELD THAT:- We do not find that it is a case of furnishing of inaccurate particulars of income or concealment of income, because, the assessee had declared LTCG and had claimed it as exempt u/s 10(38) on the ground that shares have suffered STT, but subsequently withdrew the claim of exemption. This may, at most be considered as an unsubstantiated or wrong claim but it cannot be held to be furnishing of inaccurate particulars of income or concealment of income. See COMMISSIONER OF INCOME-TAX VERSUS RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee.
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