Mere Mis-Declaration of Capital Loss as Business Loss is not Concealments of Income

Pur Opale Creations Ltd. Vs DCIT (ITAT Ahmedabad) It is an undisputed fact that the assessee has disclosed particulars of loss in sale of assets before the authorities below. Instead of treating a loss as capital loss the assessee has treated the same as business loss and therefore, it cannot be said to have not disclosed all the material to the computation of income. We do not find a minimum element of concealment of income by the assessee in the case in hand and thus the penalty proceeding initiated against the assessee is found to be without any valid basis. FULL TEXT OF THE ORDER OF ITAT A...