2007 (8) TMI 774

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.... 1. The revenue is aggrieved by an order dated 12-11-2005 passed by the Income-tax Appellate Tribunal ('Tribunal'), Delhi-XVI, in ITA No. 1211/2005 relevant for the assessment year 2001-02. 2. This appeal under section 260A of the Income-tax Act, 1961 ('the Act') arises out of penalty proceedings. Initially the Assessing Officer had accepted the return submitted by the assessee....

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....hat option was exercised by the assessee and according to him, the time gap between the vesting of shares and selling them was sufficient to put the differential amount in the category of long-term capital gains, this was initially accepted by the Assessing Officer. 5. After imposition of penalty as mentioned above, the Commissioner of Income-tax (Appeals) was of the view that the assessee had ....