https://www.taxtmi.com/caselaws?id=179896 The Tribunal upheld the CIT(A)'s order treating income from the sale and purchase of shares as short-term capital gain, overturning the AO's classification as business income. The Tribunal found that the assessee's transactions indicated a motive to earn quick profits, supporting the treatment as business profit. Regarding the penalty under Section 271(1)(c) of the Income Tax Act, the Tribunal agreed with the CIT(A) that the penalty was unjustified, as it stemmed from a mere difference of opinion rather than intentional concealment or inaccuracies, thus upholding the deletion of the penalty. en-us Fri, 19 Aug 2011 00:00:00 +0530 Mon, 09 Oct 2017 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179896 The Tribunal upheld the CIT(A)'s order treating income from the sale and purchase of shares as short-term capital gain, overturning the AO's classification as business income. The Tribunal found that the assessee's transactions indicated a motive to earn quick profits, supporting the treatment as business profit. Regarding the penalty under Section 271(1)(c) of the Income Tax Act, the Tribunal agreed with the CIT(A) that the penalty was unjustified, as it stemmed from a mere difference of opinion rather than intentional concealment or inaccuracies, thus upholding the deletion of the penalty. Case-Laws Income Tax Fri, 19 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179896