Penalty proceeding was initiated under section 271(1)(c) by the Ld. AO for furnishing inaccurate particulars of income by claiming excess long-term capital loss which was otherwise not entitled. Finally the penalty proceeding was concluded by imposition of penalty of Rs. 4,07,761/- under section 271(1)(c) of the Act on the committed default on account of furnishing of inaccurate particulars of income/thereby leading to concealment. The same was, in turn, confirmed by the First Appellate Authority. Hence, the assessee is before Tribunal.