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2016 (4) TMI 168 - HC - Income TaxPenalty u/s 271(1) (c) - change of the head of income for purposes of taxation - Held that:- We find that in the present facts the Tribunal has rendered a finding of fact that the Respondent-Assessee has furnished all details of income in its Return of Income filed. Further on the basis of details furnished by the Respondent, the Assessing Officer had only changed the head of income. The view taken by the Tribunal in the impugned order that mere change of the head of income for purposes of taxation does not warrant a penalty is no longer res integra. This Court in Commissioner of Income Tax v/s. Bennett Coleman and Co.Ltd. (2013 (3) TMI 373 - BOMBAY HIGH COURT ) holds that no penalty under Section 271(1)(c) of the Act is not imposable on account of change of head of income. In the above case, the Tribunal held that premium received on redemption of debentures claimed as income from other sources by the Assessee was held by the authorities under the Act as appropriately classifiable as income from capital gains at the instance of the Revenue could not result in imposition of penalty. - Decided in favour of assessee
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