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2017 (2) TMI 1235 - ITAT KOLKATAPenalty under section 271(1)(c) - treating the share trading loss as speculation loss as per Explanation to Section 73 and consequently not entitled for set off against other income - proof of inaccurate particulars or concealed particulars of his income - Held that:- As decided in CIT -vs.- Auric Investment & Securities Limited [2007 (7) TMI 276 - DELHI HIGH COURT ] the penalty imposed by the Assessing Officer under section 271(1)(c) was not sustainable as mere treatment of business loss as speculation loss by the Assessing Officer did not automatically warrant inference of concealment of income and there was nothing on record to show that in furnishing its return of income, the assessee had either concealed its income or had furnished any inaccurate particulars of income. No infirmity in the impugned order of the ld. CIT(Appeals) cancelling the penalty imposed by the Assessing Officer under section 271(1)(c) - Decided in favour of assessee.
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