2012 (1) TMI 212

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.... ORDER PER VIJAY PAL RAO, JM This appeal by the assessee is directed against the order of the CIT(A) dated 22.7.2010 of the CIT(A) arising from the penalty order passed u/s 271(1 ) (c ) of the Act for the AY 2005-06. 2 The assessee has raised various grounds in this appeal. However, the only issue arises for our consideration and adjudication is whether in the facts and circumstances of t....

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....1)( c) and levied penalty of Rs. 37,85,400/- vide order dated 31.3.2009. The assessee challenged the levy of penalty by filing appeal before the CIT(A); but could not succeed. 3 We have considered the rival contention as well as the relevant material on record. In this case the assessee declared the income of Rs. 1,01,85,887/- which was claimed as short term capital gain. The Assessing Officer ....

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.... Assessing Officer as business income. Accordingly, the claim of the assessee treating the income from sale and purchase of shares as capital gain cannot be treated as impossible view or absolutely illegal and incorrect treatment of income. The Tribunal while deciding the issue in quantum appeal has concluded in paras 7 & 8 as under. "Taking the totality of the facts and circumstances of this c....

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....he year under appeal, which is based on the facts and circumstances as prevailing in the year under appeal. There is no discussion in the assessment order for assessment year 2006-07 about the transactions taking place in that year. Therefore, the said assessment order, in our view, does not affect the decision of the revenue authorities in the year under appeal. Finding no merit in this appeal of....