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TMI Blog2018 (8) TMI 525X X X X Extracts X X X X X X X X Extracts X X X X ..... rials. That being the position, Tribunal having analysed the set of facts in coming to its finding, we do not think there is any scope of interference with the order of the Tribunal in exercise of our jurisdiction under Section 260A of the Income Tax Act, 1961. No substantial question of law is involved in this appeal. The appeal and the stay petition, accordingly, shall stand dismissed. - ITAT No. 78 of 2017 and GA No. 747 of 2017 - - - Dated:- 19-6-2018 - Aniruddha Bose and Amitabha Chatterjee, JJ. For the Appellant: S. Bhattacharyya, Advocate For the Respondents: Sourabh Bagaria and Rites Goel, Advocates JUDGMENT 1. The main point on which the Revenue presses this appeal is whether speculation loss arising from comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be carried forward. So, the assessee has concealed income and furnished wrong particulars of income. For the above reasons penalty proceedings U/s. 271(1)(c), Explanation-4 of the I.T. Act' 1961 has been initiated. Further, the assessee has earned Long Term Capital Gain of ₹ 2,56,76,147/- which has not been passed through the Profit Loss A/c but directly taken to capital reserve. This resulted in undervaluation of book profit u/s. 115JB. So, the same has been considered for the purpose of computation of Book Profit U/s. 115JB. 2. On that basis the Assessing Officer recomputed the income of the Assessee adding the said sum. The Commissioner of Income Tax (Appeals) confirmed this order and his order contained the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions i.e. whether it was a director or employee, what was the experience of the said persons in the commodity trading and whether the said Director/employee has entered in these kind of transactions in individual capacity or otherwise ever. H) The appellant has not produced any documents showing that the fluctuation of silver and other commodities has been so much rapid during the day that every time he bought and sold it resulted into a loss and there was never gain on any day. I) All the commodity transactions resulted into loss to the appellant. J) The appellant has a long term capital gain of ₹ 2,56,76,147/- which was taxable u/s. 115JB and the commodity loss, if allowed was to be set off against such a gain and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both the side and perused the materials available on record. The ld. AR submitted two papers books. First book is running in pages No. 1 to 88 and 2nd paper book is running in pages 1 to 34. Before us the ld. AR submitted that the order of the AO is silent about the date from which the broker was expelled. There is no law that the off market transactions should be informed to stock exchange. All the transactions are duly recorded in the accounts of both the parties and supported with the account payee cheques. The ld. AR has also submitted the IT return, ledger copy, letter to AO land PAN of the broker in support of his claim which is placed at pages 72 to 75 of the paper book. The ld. AR produced the purchase sale contracts notes which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and allow the common grounds of assessee's appeal. [quoted verbatim] 5. This is essentially a finding of the Tribunal on fact. No material has been shown to us which would negate the Tribunal's finding that off market transactions are not prohibited. As regards veracity of the transactions, the Tribunal has come to its conclusion on analysis of relevant materials. That being the position, Tribunal having analysed the set of facts in coming to its finding, we do not think there is any scope of interference with the order of the Tribunal in exercise of our jurisdiction under Section 260A of the Income Tax Act, 1961. No substantial question of law is involved in this appeal. The appeal and the stay petition, accordingly, shall sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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