The assessee was asked to provide complete details of sale and purchase of shares in the relevant per-forma vide notice u/s 142(1) dated 02.05.2014. It was noticed that the assessee had carried out share trading activity with a short interval and with huge quantity. In some of the cases, shares were not event held for 1 or 2 months. Thus, the assessee has carried out share trading activity with an intention to earn quick profit which is nothing but trading in shares liable to be taxed as business income. Therefore, the capital gain showed was treated as business income and the total income of the assessee was assessed in sum of Rs. 5,26,75,510/-. The CIT(A) confirmed the addition, thereafter, the penalty proceeding was initiated after issuance of notice and the penalty in sum of Rs. 95,05,536/- was levied. Feeling aggrieved, the assessee filed an appeal before the CIT(A) who confirmed the penalty, therefore, the assessee has filed the present appeal before Tribunal.