INCOME TAX ACT, 1961

--Penalty under section 271(1)(c)--Inaccurate particulars Head of income under which amount had to be taxedAssessing officer interpreted that having regard to the nature of transaction income should be assessed as business income and not as short-term capital gain and thereby imposed penalty holding assessee had produced inaccurate particulars. Held: Was not justified as assessee had made full and true disclosure of income. Assessing officer choose to treat income under some other head cannot be characterized as inaccurate particulars as it was duty of assessing officer to decide.