SHRI SACHIN MAROTRAO RANGARI,RAJKOT vs. THE ACIT CIR-1, GANDHIDHAM, GANDHIDHAM

In the result, the grounds raised by the Assessee is allowed and the appeal filed by the assessee is hereby allowed

271B penalty not be levied. In response the assessee vide its reply dated 08.12.2018, invited the kind attention of the Assessing Officer to the CBDT Circular No. 6/2016 dated 29.02.2016 which clarified the tax payers to decide whether the gains or losses from sale of listed shares/securities should be treated as business income or as capital gain for tax purposes

SMT. ALKABEN S. DONGA,RAJKOT vs. THE ITO, WARD-1 (1) (4), RAJKOT

In the result, the appeals are allowed in favour of the Assessee