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2015 (9) TMI 269 - AT - Income TaxPenalty u/s 271(1)(c) - Loss incurred on purchase and sale of shares treated as short-term capital loss or business loss - FDR interest and dividend received assessed under the head “income from other sources” or “income from business” - Held that:- The findings recorded in the assessment proceedings insofar as “concealment of income” and “furnishing of incorrect particulars” would not operate as res judicata in the penalty proceedings. It is open to the assessee to contest the said proceedings on merits. However, the validity of the assessment or reassessment in pursuance of which penalty is levied, cannot be the subject matter of penalty proceedings. The assessment or reassessment cannot be declared as invalid in the penalty proceedings - Penalty deleted - Decided in favour of assessee.
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