2010 (10) TMI 94

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....f the sale of shares as long term capital gain. Subsequently, he surrendered the aforesaid claim of long term capital gain on shares, to be assessed at the normal rate of tax with the prayer that no penalty proceeding be taken under Section 271 (1) (c) of the Income Tax Act, 1961 (the Act).   2. The request of the assessee was accepted and he was assessed to tax at the normal rate of tax o....