https://www.taxtmi.com/caselaws?id=372445 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that differences in treating shares as business loss instead of long-term capital loss did not automatically warrant a penalty without evidence of concealment or inaccurate reporting. Relying on legal precedents, the Tribunal concluded that changing the head of income does not constitute furnishing inaccurate particulars, leading to the deletion of the penalty in favor of the assessee. en-us Thu, 20 Dec 2018 00:00:00 +0530 Sat, 22 Dec 2018 08:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372445 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that differences in treating shares as business loss instead of long-term capital loss did not automatically warrant a penalty without evidence of concealment or inaccurate reporting. Relying on legal precedents, the Tribunal concluded that changing the head of income does not constitute furnishing inaccurate particulars, leading to the deletion of the penalty in favor of the assessee. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372445