2008 (4) TMI 218

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....ivered by RAKESH KUMAR GARG, J. - The revenue has filed the present appeal under Section 260-A of the Income-Tax Act, 1961 ( hereinafter referred to as the "I.T. Act" ) against the order dated 05.04.2007 passed by the Income-Tax Appellate Tribunal, Chandigarh, Bench-'B' ( hereinafter called the Tribunal ) in I.T.A. No. 593/Chandi/2006 for the assessment year 2004-05,raising the following substa....

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....ion under Section 10(36) of the I.T. Act. The assessee was asked to explain why she claimed profit exempted under Section 10(36) of the IT Act when she had purchased shares before 1^st March, 2003. In the reply filed by the assessee, it was stated that she was under the bona fide belief that profit on the sale of these shares was exempt under Section 10(36) of the I.T. Act and nothing in this rega....

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....s order dated 24.05.2006, partly allowed the appeal and deleted the penalty. Not feeling satisfied with the order of CIT(A), the revenue filed an appeal before the Tribunal on the ground that the assessee had wrongly claimed exemption under Section 10 (36) of the I.T. Act as the said provisions were not applicable to the facts of the assessee's case and therefore, she had concealed her income by f....