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TMI Blog2013 (1) TMI 897X X X X Extracts X X X X X X X X Extracts X X X X ..... ore in absence of any inaccuracy in the particulars of income or concealment of facts the penalty must not be levied - Decided in favor of assessee - I.T.A. No. 2768/Ahd/2012 - - - Dated:- 31-1-2013 - Mukul Kr. Shrawat (Judicial Member) And Anil Chaturvedi (Accountant Member) For the Appellant : Arti N. Shah, A.R. For the Respondent : T. Shankar, Sr.D.R. ORDER Mukul Kr. Shrawat (Judicial Member) This is an appeal filed by the Assessee arising from the order of ld.CIT(A)-XXI, Ahmedabad dated 23/10/2012 passed for A.Y. 2008-09 against the confirmation of penalty levied u/s.271(1)(c) of the IT Act of ₹ 1,63,093/-. 2. Facts in brief as emerged from the corresponding penalty order passed u/s.271(1)(c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the appellant has furnished inaccurate particulars of its income on which additional taxes were levied vide order u/s.143(3) of the Act. Regarding argument of the appellant that mens-rea was absent in his case and his case was not that of willful concealment, it may be pointed out that mens-rea is no longer essential for imposition of penalty u/s.271(1)(c) of the I.T.Act. It is also noticeable that appellant s case is outside the ambit of CIT Vs. Reliance Petro Products Pvt.Ltd. (2010) (322 ITR 158) (SC), as this decision of the Hon ble Apex Court deals with statutory deductions. Considerign the facts and circumstances of the case and the discussion as above, I am of the view that the AO has correctly imposed the penalty of ₹ 1,63,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business in shares/scripts trading. As per the annexures, the assessee has disclosed the names of the companies, description of the shares, date of transfer of shares, sale consideration, cost of acquisition and the index cost. On the basis of the said calculation, the assessee has considered that the gain was long-term capital gain. However, that explanation of the assessee was not found satisfactory by the AO, therefore treated the same as speculative business. But the fact remained that there was no allegation of concealment of facts or dealing in sham transaction. Even this fact has also not been denied that some part of the trading in scripts/shares was disclosed by the assessee itself as speculative transaction. Meaning thereby the ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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