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Japan ends one type of penalty tax

TOKYO, Oct. 25 (UPI) -- Japan's top court ruled penalty taxes may not be assessed on under-declared tax returns for stock-option gains that are regarded as occasional income.

A lower court had ruled such under-declared returns may be punitively taxed, Yomiuri Shimbun said Wednesday. The court's decision nullifies tax office orders to plaintiffs in seven cases.

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"Although proceeds (gained through stock-option deals) are categorized as salaried income, there were appropriate reasons for the plaintiffs to report them as occasional income," the court said.

More than 100 court cases were filed to demand repeal of penalty taxes imposed on stock-option gains.

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