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2020 (8) TMI 811 - AT - Income TaxLevy of penalty u/s 271(1)(c) - gain on sale of shares - capital gain or business income - HELD THAT:- Assessee has offered his income from the sale and purchase of the shares transaction under the head of long/short term capital gain. AO treated the same as business income on seeing the voluminous transactions of the shares. No doubt the said finding was confirmed by CIT(A) but in fact there is no concealment of income or furnishing the inaccurate particulars of income. The assessee showed his income from long/short term capital gain from his share purchase transaction. However, the same was not accepted and the income from the share transaction was treated as business income. These facts nowhere attract the penalty in view of the law settled in the case of Reliance Petroproduct . [2010 (3) TMI 80 - SUPREME COURT]. Taking into account all the facts and circumstances, we are of the view that the penalty is not liable to be sustainable in the eyes of law - Decided in favour of assessee. Order being pronounced after ninety (90) days of hearing - COVID-19 pandemic and lockdown - HELD THAT:- Taking note of the extraordinary situation in the light of the COVID-19 pandemic and lockdown, the period of lockdown days need to be excluded. See case of DCIT vs. JSW Limited [2020 (5) TMI 359 - ITAT MUMBAI]
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