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TMI Blog2016 (4) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... . (2013 (3) TMI 373 - BOMBAY HIGH COURT ) holds that no penalty under Section 271(1)(c) of the Act is not imposable on account of change of head of income. In the above case, the Tribunal held that premium received on redemption of debentures claimed as income from other sources by the Assessee was held by the authorities under the Act as appropriately classifiable as 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. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee's Appeal and held that the amount of ₹ 1.39 crores claimed a short term capital gains on sale of shares is appropriately 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 Appellant. This on the ground that the Respondent-Assessee had furnished inaccurate particulars of income. On furthe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rant a penalty is no longer res integra. This Court in Commissioner of Income Tax v/s. Bennett Coleman and Co.Ltd. (Income Tax Appeal (L)No.2117 of 2012 rendered on 26th February, 2013) holds that no penalty under Section 271(1)(c) of the Act is not imposable on account of change of head of income. In the above case, the Tribunal held that premium received on redemption of debentures claimed as income from other sources by the Assessee was held by the authorities under the Act as appropriately classifiable as income from capital gains at the instance of the Revenue could not result in imposition of penalty. The aforesaid order dated 26th February, 2013 has therefore justifiably held that a mere change in the head of income in the absence of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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