CIT vs. AMIT JAIN
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. 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). .
The assessee declared an income of `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 penalty under Section 271(1)(c) to the tune of `58,45,899/- on the ground that assessee had produced inaccurate particulars. The CIT(Appeals) on being approached by the assessee cancelled the penalty; the revenue assessing officer to levy penalty ? was in fact truthfully reported in the returns. In view of this circumstance, that the assessing officer chose to treat the income under some other head cannot characterize the particulars or reported in the return as an ?inaccurate particulars? or $ 1 .