No Penalty for showing share trading income under the Capital Gains instead of Business

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 R

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