2016 (4) TMI 168

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....his Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (the "Act") takes exception of the order dated 30th April, 2013 passed by the Income Tax Appellate Tribunal ("Tribunal"). The impugned order dated 30th April, 2013 relates to Assessment Year 2007-08. 2. The Revenue has urged the following questions of law for our consideration: "Whether on the facts and in the circums....

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....he order dated 8th September, 2009 of the Assessing Officer, the Respondent-Assessee carried the issue in the Appeal before the Commissioner of Income Tax (Appeals) and from there further to the Tribunal. 4. The Tribunal by the order dated 30th April, 2013 dismissed the Respondent-Assessee's Appeal and held that the amount of Rs. 1.39 crores claimed a short term capital gains on sale of share....

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....pondent carried the issue to the Tribunal. The Tribunal by the impugned order dated 30th April, 2013 has recorded a finding that the Respondent-Assessee had furnished all details of its income and claimed a part of income to be classified as a short term capital gains was infact appropriately classifiable as income from business. The Tribunal in its impugned order relied upon its decision in the c....

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....aken by the Tribunal in the impugned order that mere change of the head of income for purposes of taxation does not warrant a penalty is no longer res integra. This Court in Commissioner of Income Tax v/s. Bennett Coleman and Co.Ltd. (Income Tax Appeal (L)No.2117 of 2012 rendered on 26th February, 2013) holds that no penalty under Section 271(1)(c) of the Act is not imposable on account of change ....