SHRI RAKESH AGRAWAL,INDORE vs. ITO-4(4), INDORE

In the result, the appeal of the assessee stands allowed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2010-11 Shri Rakesh Agrawal, Ito-4(4) बनाम/ 36, Teli Bakhal, Malharganj, Indore Vs. Indore (Appellant) (Revenue) Pan: Adzpa0506H Appellant By Shri Prakash Jain & Smt. Shreya Jain, Ars Revenue By Shri Puneet Kumar, Sr. Dr Date Of Hearing: 10.12.2019 Date Of Pronouncement: 12.12.2019 आदेश / O R D E R Per Manish Borad, A.M: This Appeal At The Instance Of Assessee Pertaining To A.Y. 2010-11 Is Directed Against The Order Of Commissioner Of Income Tax(Appeals)-Ii, Indore, (In Short ‘Cit’), Dated 11.03.2019 Which Is Arising Out Of The Order U/S 274/271(1)(C) Of The Income Tax Act 1961(Hereinafter Called As The ‘Act’) Framed On 27.03.2018 By Ito- 4(4), Indore. 2. The Assessee Has Raised Following Grounds Of Appeal:

section 111A of 3 Shri Rakesh Agrawal ITANo.478/Ind/2019 the Income Tax Act on the Short Term Capital Gain. The Ld. AO while framing assessment u/s 143(3) of the Act on 27.02.2015 treated the Short Term Capital Gain as business income which was subject to normal rate of tax. The Ld. AO also levied penalty u/s 271