Tax penalty on short-term capital gains from share transactions set aside for reconsideration by appellate authority.

An appellate authority is reconsidering a tax penalty related to short-term capital gains from share transactions. The assessee had both long-term and short-term capital gains, with a tax demand of Rs. 1.45 crores based on recomputed short-term gains of Rs. 40.33 crores. The Commissioner of Income Tax (Appeals) initially deleted the penalty under Section 271(1)(c) without evaluating arguments and precedents. The Income Tax Appellate Tribunal set aside this decision, requiring the CIT(A) to re-evaluate the penalty issue. .....

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