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2011 (1) TMI 879 - HC - Income TaxPenalty u/s 271(1)(c) - ‘Long Terms Capital Gain’ which was actually the short terms capital gain attracting normal rate of tax - land in question was purchased Thereafter, it was shown in the balance sheet as “stock in trade‟. However, during the financial year in question when the land was sold, the same have been converted by the assessee from “stock in trade” to “investment” - The difference of sale consideration and the cost of purchase of the impugned land was declared as long term gains - AO contended that period of holding the asset was reckoned from the date when it was converted as “investment” from “stock in trade” and since it was less than three years, the gain was treated as short term capital gain - Held that assessee has clearly furnished inaccurate particulars of income - Decided in favour of Revenue
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