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2016 (12) TMI 802 - DELHI HIGH COURTPenalty u/s 271(1) - nature of income on share transactions - capital gain or business income - Held that:- The argument of the assessee with respect to its claim as a short-term capital gain was not benefited and, therefore, in the circumstances of the case penalty was not justified. Having regard to the volume and frequency of the transactions, no separate books of accounts or demat accounts and other facts and circumstances, we are of the opinion that overall effect of all the factors revealed that the activity of sale and purchase of shares claimed under the head 'short-term capital gain' cannot be sustained and it is held as the activity in the nature of business and assessable under the head 'profit and gains of the business’. Mere making a claim not acceptable does not lead to concealment of income - Decided in favour of assessee
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