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2014 (9) TMI 432 - HC - Income TaxPenalty u/s 271(1)(c) – Sale purchase in nature of investment or business income - Held that:- Assessee was investing in shares and securities and also dealing in purchase and sale of securities - the assessee had brought forward long term capital loss and the short term capital gains were sought to be set off from the long term capital loss - This is indicative of the fact that in the earlier years, the assessee had sold or transferred certain shares held as an investment and suffered long term capital loss - assessee was certainly holding shares as investment - assessee held certain shares of group companies as investment - it must be shown that the conditions u/s 271(1)(c) must exist before the penalty is imposed - everything would depend upon the return filed because that is the only document, where the assessee can furnish the particulars of his income – no substantial question of law arises for consideration – Decided against revenue.
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