No Penalty for mere change in nature of Loss from Business to Speculative

Af-taab Investment Company Ltd. Vs ACIT (ITAT Mumbai) In this case the assessee had a bonafide belief that the loss suffered by it is business loss. The change of nature of loss from business loss to speculative loss was not enough to impose penalty on the assessee. Therefore, we are inclined to delete the penalty imposed in this case. Accordingly, grounds raised by the assessee are allowed. FULL TEXT OF THE ORDER OF ITAT MUMBAI The present appeal has been filed by the assessee against the order of Ld. Commissioner of Income Tax (Appeals)-4, in short ‘Ld. CIT(A)’, Mumbai, dated 05.09.2012 ...