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Commissioner of Income Tax-2 Versus Immortal Financial Services Pvt Ltd

2016 (4) TMI 168 - BOMBAY HIGH COURT

Penalty 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 taxat .....

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income from capital gains at the instance of the Revenue could not result in imposition of penalty. - Decided in favour of assessee - Income Tax Appeal No. 2067 of 2013 - Dated:- 21-3-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Appellant : Mr. Suresh Kumar a/w Ms. Samiksha Kanani For the Respondent : Ms. Sanjukta Chowdhary ORDER P. C. 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (the "Act") takes exception of the order dated 30th April, 201 .....

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-Assessee is engaged in the business of trading in shares and providing financial consultancy. During the subject assessment year the Respondent-Assessee in its Return of Income had claimed short term capital gains on sale of share aggregating to ₹ 1.39 crores and profits on the business of sale of shares at ₹ 6.19 lakhs. The Assessing Officer by his Assessment Order dated 8th September, 2009 passed under Section 143(3) of the Act held that what is being claimed by the Assessee as sh .....

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ately classifiable as profits and gains of business. Being aggrieved, the Respondent-Assessee has carried this issue in Appeal to this Court being Appeal No.1414 of 2011. This Appeal in quantum proceedings has been admitted as giving rise to substantial question of law and is awaiting disposal. 5. In the meantime, the Assessing Officer having initiated the Penalty Proceedings under Section 271(1)(c) of the Act by an order dated 30th May, 2011 imposed a penalty of ₹ 41.96 lakhs upon the App .....

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of income to be classified as a short term capital gains was infact appropriately classifiable as income from business. The Tribunal in its impugned order relied upon its decision in the case of Sukdham Construction and Developers V/s. DCIT (Income Tax Appeal No.2172/M/2011) on identical facts to conclude that the mere change of head of income does not ipso facto lead to the conclusion that the Respondent-Assessee had concealed the particulars of income or furnished inaccurate particulars of in .....

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