On finding that the CIT(A) has not rebutted the contention that the assessee was dealing in share investment and not in the business activities, the Jaipur ITAT deleted the penalty imposed u/s 271A of the Income Tax Act.The Bench comprising of Sandep Gosain (Judicial Member) and Dr. M. L. Meena (Accountant Member) observed that, “when the assessee has filed a return on account of...
