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2005 (11) TMI 47 - HC - Income TaxCIT (A) deleted the penalty holding that since income from the sale of debentures for the previous assessment year had been treated as capital gains and taxed accordingly, the assessee had a bona fide belief that the same treatment may be given to the income for the year under consideration - Commissioner was therefore of the view that the change in the opinion by the Assessing Officer as regards the income being capital gains or business income could not make out a case for levy of a penalty upon the assessee - Tribunal has affirmed the above line of reasoning - question whether the explanation was good enough to justify deletion of the penalty having been considered and concurrently answered in favour of the assessee by the two authorities below, there is no room for interference in appeal by us especially when no substantial question of law arises for consideration
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