2017 (11) TMI 1935

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....garwal, 1. The captioned appeal by revenue for Assessment Year [AY] 200910 assails the order of the Ld. Commissioner of Income-Tax (Appeals)45 [CIT(A)], Mumbai, Appeal No. CIT(A)-45/AC 25(3)/ITA 309/2014-15 dated 25/01/2016. The quantum assessment for impugned AY was framed by Ld. Assistant Commissioner of Income Tax-25(3), Mumbai [AO] on 29/11/2011 u/s 143(3) whereas penalty was levied u/s 271....

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....was to evade taxes by furnishing inaccurate particulars. 3. On the facts and in circumstances of the case and in law, the Ld. CIT(A) erred in not appreciating the fact that the appeal of the assesse has been dismissed by the Ld. CIT(A) himself for the same assessment year on the said issue of treatment of share trading income as business income by the A.O. 4. The appellant prays ....

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....naccurate particulars. The assessee contested the same on the premises that full particulars were furnished in the return of income and there was no concealment of income and mere change of head of income do not justify imposition of penalty. However, not convinced, Ld. AO invoking Explanation-1 to Section 271(1)(c), levied penalty of Rs. 60,59,108/- vide order dated 28/03/2014. 4. Aggrieved, t....