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2017 (11) TMI 801 - ITAT DELHIPenalty u/s 271(1)(c) - change of head of income from ‘short-term capital gains’ to ‘business income’ - Held that:- In the appeals before us, it is undisputed that the impugned amounts, which formed the basis for the AO to levy penalty, were in fact fully reported in the returns. The fact that the AO chose to treat the income under some other head cannot characterise the particulars reported in the return as “inaccurate particulars” or as suppression of facts. Respectfully applying the ratio of the decisions in the case of Reliance Petroproducts Private Limited (2010 (3) TMI 80 - SUPREME COURT) and CIT versus Amit Jain (2013 (1) TMI 340 - DELHI HIGH COURT ), we find no reason to interfere with the adjudication of the Ld. CIT (Appeals) in deleting the impugned penalties in all the four years under consideration. - Decided against revenue
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