Penalty u.s 271 (1)(C)

This query is : Resolved

sham (Querist)
Follow

10 April 2008 There was a case of Penny stock Shares Transactions, wherein shown as a LONG TERM CAPITAL GAIN, and shown as exempted in original return for A.Y. 05-06, however later on investigation dept on broker at mumbai in jan.06.

Broker given the statment the same was modus operandi.

Hence assessee declared the same as income and filed revised return and paid tax along with tax+int.

During scrutiny, same was accepted and levided the penalty u/s 271 (1)(C)after issuing a notice and given the reply.

can any one suggest on the same any case law / any same type of cases and how to handle the matter in CIT APPEALS.

THANKS IN ADVANCE

SHAM

sham

sham (Querist)
Follow

14 June 2008 There was a case of Penny stock Shares Transactions, wherein shown as a LONG TERM CAPITAL GAIN, and shown as exempted in original return for A.Y. 05-06, however later on investigation dept on broker at mumbai in jan.06.

Broker given the statment the same was modus operandi.

Hence assessee declared the same as income and filed revised return and paid tax along with tax+int.

During scrutiny, same was accepted and levided the penalty u/s 271 (1)(C)after issuing a notice and given the reply.

can any one suggest on the same any case law / any same type of cases and how to handle the matter in CIT APPEALS.

THANKS IN ADVANCE

SHAM