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2018 (12) TMI 1214 - AT - Income TaxPenalty u/s 271(1)(c) - loss on sale of shares - change in head of income by AO - claim of the business loss made by the assessee has been rejected by the AO and held the same as long-term capital loss as the assessee in earlier years has not treated the shares as stock-in-trade - Held that:- The Assessing Officer has changed the head of income from business loss to long-term capital loss. As decided in CIT Vs Amit Jain [2013 (1) TMI 340 - DELHI HIGH COURT] merely change of head of income cannot characterize furnishing inaccurate particulars or suppression of facts and thus no penalty can be levied in such circumstances. Thus penalty to be deleted. - Decided in favour of assessee.
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