No Penalty for showing share trading income under the Capital Gains instead of Business

HIGH COURT OF DELHI ITA 683/2012 CIT Vs.  AMIT JAIN Date of Pronouncement – 21.12.2012 The question of law sought to be urged by the revenue in this appeal against the order dated 16.2.2012 of the ITAT in ITA No.5596/Del./2011 is whether the Tribunal fell into error in directing deletion of the penalty under Section 271(1)(c). 2. The assessee declared an income of Rs. 2,60,73,558/‐ from short term capital gains. The assessing officer on an interpretation of the relevant provisions and having regard to the nature of transactions assessed it as income from business. He also levied penal...