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TMI Blog2017 (11) TMI 1935X X X X Extracts X X X X X X X X Extracts X X X X ..... d business income - basic condition viz. furnishing of inaccurate particulars / concealment of particulars of income so as to attract the provisions of Section 271(1)(c) have remained unfulfilled in the present case. Therefore, penalty was not justified and the stand of Ld. CIT(A) was quite fair logical and hence, the same do not require any interference on our part. Revenue s appeal stands dism ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd and after hearing Ld. Departmental Representative [DR]. 2. The revenue is aggrieved by deletion of penalty u/s 271(1)(c) by Ld. CIT(A) and has raised the following Grounds of Appeal:- 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the penalty u/s.271(1)(c) amounting ₹ 60,59,108/- being 100% of tax liability. 2. On the facts and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding Income Income from other sources was assessed for impugned AY u/s 143(3) on 29/11/2011. The assessee reflected Short Term Capital Loss Long Term Capital Loss on Shares for ₹ 261.31 Lacs ₹ 18.28 Lacs under the head Capital Gains. However, the said activity, in the opinion of Ld. AO, was assessable under the head Business Income. The stand of Ld. AO, upon appeal, was confirmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Co. Ltd. [ITA No. 2117/2012] several other judgments concluded that penalty was not leviable for mere change of head of income. Aggrieved, the revenue is in further appeal before us. The Ld. DR has placed reliance on the stand of Ld. AO and contended that penalty was justified since the assessee was obliged to offer the income / loss under the correct head of income. 5. Heard and perused ..... X X X X Extracts X X X X X X X X Extracts X X X X
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