TMI Blog2011 (1) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... curate particulars of income warranting imposition of penalty under section 271(1)(c) of the Act - Decided in favour of assessee. - 1068 of 2009 - - - Dated:- 10-1-2011 - MS.JUSTICE HARSHA DEVANI, MR.JUSTICE H.B.ANTANI, JJ. MRS MAUNA M BHATT for Appellant(s) ORAL ORDER (Per : HONOURABLE MR.JUSTICE H.B.ANTANI) Revenue has preferred this appeal under section 260A of the Income Tax Act, 1961 [hereinafter referred to as the Act] challenging order dated 19.12.2008 made by the Income Tax Appellate Tribunal, Ahmedabad Bench in ITA No. 1149/Ahd/2006 for A.Y. 1998-99, proposing the following question: Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT (a) in deleting the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... afide intention on the part of the assessee as regards concealment of income or furnishing of inaccurate particulars of facts. The assessee contended that disallowance / additions were made by the Assessing Officer due to difference of opinion between the assessee and the Assessing Officer and the difference of view by Assessing Officer does not tantamount to any concealment for which no penalty can be levied. The Commissioner (Appeals) held that it is an undisputed fact that the appellant has incurred loss on sale of shares of Sandesh Ltd. The transactions and loss both are genuine. The only dispute is that the appellant has treated the same as business loss/trading loss, whereas the Assessing Officer treated the said loss incurred as capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer has treated the same as capital loss on the ground that in the earlier years, the assessee had shown the said shares under the head investment. Thus, there is no dispute about the loss incurred but the dispute is the head under which the sale is assessable. Whereas the claim of the assessee is that the loss is business loss, the Assessing Officer held the loss as capital loss and falling under the head of capital gain. Therefore what is changed is the head under which the loss is assessed and not that the loss was held to be bogus loss. The rejection by the Assessing Officer of a claim of the assessee as regards the business loss does not establish the concealment or guilt on the part of the assessee that the assessee had furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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