Taxpayer's LTCG vs. STCG Reporting u/s 271(1)(c) Raises Interpretation Issues in Income Tax Penalty Case.

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....Penalty u/s 271(1)(c) – LTCG claimed inspite of STCG – there can be two views on the issue and it cannot be said that assessee’s action in returning the income as long term capital gain was illegal - AT....