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Penalty under Sec 271(1)(c) dismissed: Surrendering exemption on LTCG from penny stocks isn't inaccurate income reporting.

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....Levy of penalty u/s. 271(1)(c) - claim of exempt u/s 10(34) - long term capital gains (LTCG) on the sale of shares (penny stocks) - The surrender of exemption by the assessee on repetitive queries would not amount to furnishing of inaccurate particulars of income.....

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