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2014 (5) TMI 624 - AT - Income TaxLevy of penalty u/s 271(1)(c) of the Act - Income from sale of shares shown as as capital gain but assessed as business income Shares in D-MAT form - No trading on the floor of stock exchange Held that:- The assessee had offered the income from purchase and sale of shares may be as capital gain - The assessee has disclosed the purchase of shares - The purchase of shares is duly recorded in the books of account and has been shown in her Balance Sheet as on 31.03.2003 - The sale of the shares has also been disclosed by the assessee and the same is found recorded in the D-Mat account of the assessee - the assessee has duly disclosed all primary facts i.e. purchase and sale of shares, details of payments made for purchase and payment received for sale of shares - Profit arising from sale of shares was duly disclosed - it cannot be said that the assessee is guilty of concealment of income because the assessee had disclosed the income as capital gain, and department assessed it under some other head Relying upon CIT vs Reliance Petrochemicals Ltd. [2010 (3) TMI 80 - SUPREME COURT] - it is not a fit case for levy of penalty u/s 271(1)(c) Decided in favour of Assessee.
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