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2011 (1) TMI 625 - HC - Income TaxPenalty levied u/s 271(1)(c)- Since the assessee had furnished all the particulars in regard to purchase and sale of the shares which are not found to be incorrect, and since the only dispute is that the appellant has treated the same as business loss/trading loss whereas the Assessing Officer treated the said loss incurred as capital loss, we are in agreement with the findings recorded by both the appellate authorities below that shifting of loss from one head to another head does not amount to concealment or guilt on the part of the assessee that the assessee had furnished inaccurate particulars of facts or inaccurate particulars of income warranting imposition of penalty under section 271(1)(c) of the Act - Decided in favour of assessee.
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