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Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income  Where assessee acquired shares from a party and claimed diminution in value of shares as revenue loss and Assessing Officer holding that as shares were held as investment assessee had wrongly claimed capital loss as revenue, loss, imposed penalty on assessee under section 271(1)(c), as it was concurrent finding of lower authorities that assessee had not concealed any particulars of income nor furnished inaccurate particulars of income, as assessee had disclosed facts in audit statements furnished before Assessing Officer, levy of penalty on assessee was not justified. [A.Y. 1997-98, 1998-99] The assessee acquired shares from a party and claimed the diminution in the value of shares as revenue loss. The Assessing Officer found that the assessee had acquired the shares for the purpose of investment and not for the purpose of stock-in-trade and, hence, the diminution in the value of shares would only be capital in nature. Accordingly, the Assessing Officer holding that the assessee had wrongly claimed a national capital loss as revenue loss and thereby reduced its tax liability, imposed penalty under section 271(1)(c). The Tribunal, however, deleted the penalty. Held that it was the concurrent finding of the lower authorities that the assessee had not concealed any particulars of income nor furnished inaccurate particulars of income, as the assessee had disclosed the facts in the audit statements furnished before the Assessing Officer. Hence, following the earlier decision of the Court in CIT v. P. Natarajan [2004] 266 ITR 219 as well as in view of the recent decision of the Apex Court in CIT v. P. Mohankala [2007] 291 ITR 278, whereunder it is held that whenever there is a concurrent factual finding by the authorities below, the same should be accepted and no interference should be called for by the High Court there was no error or legal infirmity in the order of the Tribunal so as to warrant interference. JUDGMENT P.D. Dinakaran, J.-The above tax case appeals are directed against the orders of the Income-tax Appellate Tribunal made in I. T. A. Nos. 1035 and 1036/Mds/2003,…

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