Mere change of head of income not amounts to furnishing of inaccurate particulars of income

Dy. CIT Vs. ACEE Enterprises (ITAT Delhi) It is undisputed that penalty has been levied only on the change of head of income from ‘short-term capital gains’ to ‘business income’. it is undisputed that the impugned amounts, which formed the basis for the assessing officer to levy penalty, were in fact fully reported in the returns.Although the ITAT has upheld the view of the assessing officer that the impugned income was chargeable under the head “short-term capital gains” in all the four years, it is settled law that assessment and penalty proceedings are distinct. The Hon’ble A...