2026 (2) TMI 350

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....ER This is an appeal filed against the order dated 28-07- 2025 passed by National Faceless Appeal Centre(NFAC), Delhi for assessment year 2011-12. 2. The grounds of appeal are as under:- "1. The Commissioner of Income Tax (Appeals) erred in law and in facts by confirming penalty under section 271(1)(c), despite full disclosure of income in the return and during assessment proceeding....

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....- after making an addition of Rs. 4,53,220/- u/s. 68 of the Income Tax Act being the profit from the sale of shares of DPL and treated the same as business income and not long term capital gain as claimed by the assessee. In the meanwhile, the Assessing Officer also initiated penalty proceedings u/s. 274 r.w.s. 271(1)(c) of the Act for concealment of particulars of income on 22-12-2018. After taki....

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....pital gain and thus there was no concealment at all. 6. The ld. D.R. relied upon the assessment order and the order of the CIT(A). 7. Heard both the parties and perused all the material available on record. The fact remains that the assessee has taken this income as long term capital gain exemption while filing the income tax return for assessment year 2011-12 and thus the element of conceal....