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2012 (11) TMI 276 - AT - Income TaxPenalty u/s 271(1) (c) - Business Loss vs. Speculation Loss – Following the decision of court in case of [COMMISSIONER OF INCOME-TAX Versus AURIC INVESTMENT AND SECURITIES LTD. 2007 (7) TMI 276 - DELHI HIGH COURT] held that :- There is no mens rea to conceal the Income - Assessee had not furnished inaccurate particulars of income to the extent of making a wrong claim of share trading loss against normal income – since assessee filed full details of the sale of shares, he did not conceal any particulars of income – mere treatment of the business loss as speculation loss by the Assessing Officer does not automatically warrant inference of concealment of income – penalty not imposable - Other grounds and the issues raised by the assessee is not being decided as the same has become academic in view of the findings given above - In the result, appeal filed by the assessee is treated as allowed.
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