https://www.taxtmi.com/caselaws?id=350922 The ITAT dismissed all four appeals by the Department, upholding the deletion of penalties by the Ld. CIT (Appeals) for assessment years 2005-06, 2006-07, 2007-08, and 2008-09. The decisions were based on the accurate disclosure of income details despite the disagreement on the treatment of short-term capital gains as business income. The judgments emphasized the distinction between assessment and penalty proceedings, highlighting the need for accurate reporting rather than the sustainability of the claim. The rulings were supported by relevant legal precedents, affirming the deletion of penalties. en-us Mon, 13 Nov 2017 00:00:00 +0530 Wed, 15 Nov 2017 10:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350922 The ITAT dismissed all four appeals by the Department, upholding the deletion of penalties by the Ld. CIT (Appeals) for assessment years 2005-06, 2006-07, 2007-08, and 2008-09. The decisions were based on the accurate disclosure of income details despite the disagreement on the treatment of short-term capital gains as business income. The judgments emphasized the distinction between assessment and penalty proceedings, highlighting the need for accurate reporting rather than the sustainability of the claim. The rulings were supported by relevant legal precedents, affirming the deletion of penalties. Case-Laws Income Tax Mon, 13 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350922