https://www.taxtmi.com/caselaws?id=446112 HP HC ruled that penalty under section 271(1)(c) cannot be imposed when assessee incorrectly claimed share sale income as Long Term Capital Gain instead of business profit, while providing complete transaction details. The court held that merely claiming income under wrong head, without suppressing facts or furnishing factually incorrect information, does not constitute furnishing inaccurate particulars. Following SC precedent in Reliance Petroproducts and Delhi HC in Anant Overseas, the court noted classification of shares as investment versus stock-in-trade is debatable. Since assessee disclosed full amount in return, penalty was deleted. en-us Thu, 09 Nov 2023 00:00:00 +0530 Wed, 18 Feb 2026 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446112 HP HC ruled that penalty under section 271(1)(c) cannot be imposed when assessee incorrectly claimed share sale income as Long Term Capital Gain instead of business profit, while providing complete transaction details. The court held that merely claiming income under wrong head, without suppressing facts or furnishing factually incorrect information, does not constitute furnishing inaccurate particulars. Following SC precedent in Reliance Petroproducts and Delhi HC in Anant Overseas, the court noted classification of shares as investment versus stock-in-trade is debatable. Since assessee disclosed full amount in return, penalty was deleted. Case-Laws Income Tax Thu, 09 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446112