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No Penalty for showing share trading income under the Capital Gains instead of Business
Case Law Details
- Case Name
- CIT Vs Amit Jain (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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HIGH COURT OF DELHI
ITA 683/2012
CIT Vs. AMIT JAIN
Date of Pronouncement – 21.12.2012
The question of law sought to be urged by the revenue in this appeal against the order dated 16.2.2012 of the ITAT in ITA No.5596/Del./2011 is whether the Tribunal fell into error in directing deletion of the penalty under Section 271(1)(c).
2. The assessee declared an income of Rs. 2,60,73,558/‐ from short term capital gains. The assessing officer on an interpretation of the relevant provisions and having regard to the nature of transactions assessed it as income from business. He ...
