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No penalty for mere change in head of income
Case Law Details
- Case Name
- M/s. Crown Tradelink Pvt. Ltd. Vs. The Asst. CIT (OSD) (ITAT Ahemdabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- All ITAT, ITAT Ahmedabad
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We are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of the return. Some of the income was shown as long-tern capital gain and part of the income was also shown as speculative business in shares/scripts trading. As per the annexures, the assessee has disclosed the names of the companies, description of the shares, date of transfer of shares, sale consideration, cost of acquisition and the index cost.
On the basis of the said calculation, the assessee has considered that the gain was long-term capital ga...
