- ITAT DELHI - Income Tax Levy of penalty u/s 271(1)(c) of the Act - Income from sale of shares shown as as capital gain but assessed as business income – Shares in D-MAT form - No trading on the floor of stock exchange – Held that:- The assessee had offered the income from purchase and sale of shares may be as capital gain - The assessee has disclosed the purchase of shares - The purchase of shares is duly recorded in the books of account and has been shown in her Balance Sheet as on 31.03.2003 - The sale of the shares has also been disclosed by the assessee and the same is found recorded in the D-Mat account of the assessee - the assessee has duly disclosed all primary facts i.e. purchase and sale of shares, details of payments made for purchase and payment received for sale of shares - Profit arising from sale of shares was duly disclosed - it cannot be said that the assessee is guilty of concealment of income because the assessee had disclosed the income as capital gain, and department assessed it under some other head – Relying upon CIT vs Reliance Petrochemicals Ltd. SUPREME COURT] - it is not a fit case for levy of penalty u/s 271(1)(c) – Decided in favour of Assessee.
Regards
Prarthana Jalan
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