Penalty Upheld for Misreporting Income as Business Loss Instead of Speculative Loss; Appeal Dismissed.

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....The Assessing Officer (AO) consciously deleted irrelevant portions from the show cause notice, mentioning only the charge of furnishing inaccurate particulars of income. This constituted a correct charge for initiating penalty u/s 271(1)(c). There was no defect in recording satisfaction or issuing the show cause notice u/s 274 read with Section 271(1)(c) for initiating penalty proceedings. Once penalty proceedings were initiated on a definite charge and made known to the assessee through the assessment order and show cause notice, the assessee's objection holds no ground. Levy of penalty u/s 271(1)(c) is proper and justified as it is a case of furnishing incorrect particulars of income by claiming business loss instead of speculative loss n.........