Penalty u/s 271(1)(C) not leviable if substantial question of law exists

In the instant case, the assessee has sold 71233 shares for Rs.3.33 crore under the buy-back scheme. This sale consideration comprises Rs.1.06 crore as interest. The assessee calculated the capital gain considering the total receipt of Rs.3.33 crore as value of sale consideration while the A.O. taxed Rs.1.06 crore as income from other sources which was confirmed by the Tribunal. For such change of head of income, the AO levied penalty u/s 271(1)(C). The Tribunal has upheld the addition against which assessee approached to the High Court and the following questio

Please become a Premium member. If you are already a Premium member, login here to access the full content.