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2011 (3) TMI 700 - ITAT MUMBAIBusiness income vs. Capital gain - in the original return, the assessee has taken a stand that the income earned on sale of securities in India is business income while in the revised it changed its stand and declared its income as capital gain - Penalty u/s 271 - The law gives him a right to substitute and bring on record a correct and complete return if he discovers any omission or wrong statement in the return originally filed by him - merely because in the original return the assessee has made certain claim based upon the ruling of AAR which the assessee has subsequently revised voluntarily as per latter ruling of the AAR does not mean that there is a concealment of income on the part of the assessee - Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) - Decided in favor of the assessee
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