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2015 (7) TMI 358 - AT - Income TaxPenalty u/s 271(1)(c) - Short term Capital Gain was assessed as business income - Held that:- Following the earlier order of this Tribunal as well as the Judgment in the case of CIT Vs. Amit Jain (2013 (1) TMI 340 - DELHI HIGH COURT), we are of the view that the Short term Capital Gain offered by the assessee from sale and purchase of shares treated by the Assessing Officer as business income would not amount to furnishing inaccurate particulars of income or concealment of particulars of income. Accordingly, we delete the penalty levied u/s 271(1)(c). - Decided in favour of assessee.
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