https://www.taxtmi.com/caselaws?id=63190 The Tribunal allowed the appeal against the penalty order under s. 271(1)(c) of the IT Act for the assessment year 1980-81. It found that the assessee's shares were held as stock-in-trade, not as investments, and that the transactions were part of a business activity. The Tribunal determined that there was no concealment of income or furnishing of inaccurate particulars, as the assessee's claims were bona fide. As the penalty was imposed without considering the "bona fide" requirement introduced by an amendment, it ruled in favor of the assessee and deleted the penalty. en-us Fri, 29 Jan 1993 00:00:00 +0530 Fri, 28 Jan 2011 13:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63190 The Tribunal allowed the appeal against the penalty order under s. 271(1)(c) of the IT Act for the assessment year 1980-81. It found that the assessee's shares were held as stock-in-trade, not as investments, and that the transactions were part of a business activity. The Tribunal determined that there was no concealment of income or furnishing of inaccurate particulars, as the assessee's claims were bona fide. As the penalty was imposed without considering the "bona fide" requirement introduced by an amendment, it ruled in favor of the assessee and deleted the penalty. Case-Laws Income Tax Fri, 29 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63190