https://www.taxtmi.com/caselaws?id=310918 The ITAT Chandigarh set aside penalty proceedings under section 271(1)(c) imposed by the AO. The dispute involved classification of share sale gains as long-term capital gains versus business income, and rejection of section 80G donation claims. The tribunal held that mere reclassification of income heads by the AO, when the assessee had bonafide reasons for original treatment and fully disclosed facts, does not constitute concealment or furnishing inaccurate particulars. Regarding the donation claim, since the assessee had voluntarily added back the disallowed amount in income computation, penalty was not warranted. The tribunal deleted the penalty, allowing the assessee's appeal. en-us Fri, 08 Aug 2014 00:00:00 +0530 Sat, 25 Nov 2023 14:00:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310918 The ITAT Chandigarh set aside penalty proceedings under section 271(1)(c) imposed by the AO. The dispute involved classification of share sale gains as long-term capital gains versus business income, and rejection of section 80G donation claims. The tribunal held that mere reclassification of income heads by the AO, when the assessee had bonafide reasons for original treatment and fully disclosed facts, does not constitute concealment or furnishing inaccurate particulars. Regarding the donation claim, since the assessee had voluntarily added back the disallowed amount in income computation, penalty was not warranted. The tribunal deleted the penalty, allowing the assessee's appeal. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310918