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Issues: Penalty proceedings u/s 260A of the Income-tax Act, 1961 for assessment year 2001-02.
The judgment pertains to an appeal against an order passed by the Income-tax Appellate Tribunal in penalty proceedings. Initially, the Assessing Officer accepted the return but later, the Commissioner of Income-tax directed to tax the sale of shares as short-term capital gain instead of long-term capital gain claimed by the assessee. The Assessing Officer not only taxed the assessee on short-term capital gains but also imposed a penalty for furnishing inaccurate particulars of income leading to an inaccurate computation of tax. The assessee acquired shares from Microsoft Corporation through a stock option scheme and claimed the differential amount as long-term capital gains due to the time gap between vesting and selling of shares. The Commissioner of Income-tax (Appeals) and the Tribunal held that the assessee had furnished all necessary particulars accurately, and there was no inaccurate information provided for tax computation. The High Court, after reviewing the case records, found that the assessee had made a full disclosure of all facts required by the revenue, and no inaccurate particulars were furnished to gain an advantage. The Court concluded that no substantial question of law arose, especially considering the concurrent findings of the lower authorities. The revenue contended that the date of acquisition of shares was incorrectly mentioned by the assessee. However, the Court upheld the lower authorities' findings, noting that even the Assessing Officer initially accepted the assessee's stand. Consequently, the appeal was dismissed.
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