Shanti Prime Publication Pvt. Ltd.
Sec. 271(1) of Income Tax act, 1961— Penalty —Assessee has offered his income from the sale and purchase of the shares transaction under the head of long/short term capital gain, however, the AO treated the same as business income on seeing the voluminous transactions of the shares and the said finding was confirmed by CIT(A) but in fact there is no concealment of income or furnishing the inaccurate particulars of income and assessee showed his income from long/short term capital gain from his share purchase transaction, however, the same was not accepted and the income from the share transaction was treated as business income and these facts nowhere attract the penalty , thus, taking into account all the facts and circumstances, the penalty is not liable to be sustainable in the eyes of law - VIDYASAGAR MAHAVIR PRASAD SAH V/s ADDI. CIT -  28 ITCD Online 078 (ITAT-MUMBAI)