https://www.taxtmi.com/caselaws?id=261397 The Tribunal ruled in favor of the assessee, holding that treating Short term Capital Gain as business income did not justify the penalty under section 271(1)(c) of the Income Tax Act for A.Y. 2008-09. The Tribunal emphasized that the change in the head of income did not amount to concealment or furnishing inaccurate particulars. Citing legal precedents and a decision of the Hon'ble Supreme Court, the Tribunal concluded that the penalty was not justified and deleted the penalty imposed by the lower authorities. The appeal by the assessee was allowed. en-us Wed, 25 Mar 2015 00:00:00 +0530 Mon, 20 Apr 2015 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261397 The Tribunal ruled in favor of the assessee, holding that treating Short term Capital Gain as business income did not justify the penalty under section 271(1)(c) of the Income Tax Act for A.Y. 2008-09. The Tribunal emphasized that the change in the head of income did not amount to concealment or furnishing inaccurate particulars. Citing legal precedents and a decision of the Hon'ble Supreme Court, the Tribunal concluded that the penalty was not justified and deleted the penalty imposed by the lower authorities. The appeal by the assessee was allowed. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261397