2006 (3) TMI 122

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.... 5,28,942 in its return filed on October 31, 2001. This amount included a sum of Rs. 1,01,957 towards loss on account of sale of shares. The Assessing Officer disallowed the losses on the ground that the assessee had not carried on any business activity during the relevant period. The loss claimed on account of sale of shares was also similarly disallowed on the ground that no proof regarding the ....

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....bunal has, in a further appeal, preferred by the Revenue against the deletion of penalty, affirmed the order passed by the Commissioner. We have heard Mr. Jolly, counsel appearing for the Revenue and perused the orders referred to above. The Commissioner as also the Tribunal have both concurrently come to the conclusion that the assessee had not furnished any incorrect particulars in the ret....