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TMI Blog2017 (3) TMI 1698X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the assessee was an investor and not a trader, then no investor would sale the shares on the very same date of the purchase or within 2 to 3 days of the purchase. No good and justifiable reason to interfere with the order of the CIT(A), which is hereby confirmed and the ground of appeal of the assessee is dismissed. Addition as agricultural income - Held that:- Assessee has brought no positive material on record to controvert the findings of the Assessing Officer as well as the CIT(A). No reason to interfere in the order of the CIT(A), which is hereby confirmed and ground of appeal of the assessee is dismissed. Levy of penalty u/s.271(1)(c) - Held that:- The facts of the case before the Hon’ble Supreme Court in the case of SSA’s. Ema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re purchased and sold by the assessee on the same date. He noted from the contract note of Oasis Securities Pvt Ltd., that all the purchases were made on 9.1.2010 and sales were also made on the same date. He also found that the shares purchased were not actually delivered. He held that the nature of transaction was speculation income and not short term capital gain. 7. On appeal, the CIT(A) held that the short term capital gain of ₹ 8,59,461/- comprising of profit on sale of investment in commodity\ies of ₹ 6,91,203/-, profit on sale of Mutual Funds of ₹ 1,68,258/. He held that the profit in trading in Mutual Fund of ₹ 1,34,733/- was to be treated as business income and profit of ₹ 6,91,203/- earned from spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not justified in confirming the addition of ₹ 10,62,223/- as agricultural income. 12. The Assessing Officer observed that the assessee claimed agricultural income of ₹ 6,49,773/-. On verification of records, it is seen that the agricultural land was taken on lease by the assessee by the assessee later than sales made. The gross receipts of the assessee were ₹ 10,62,223/- . From the lease agreement of the land with Shri Ramakanta Acharya admeasuring 8.034 acres, it is seen that the lease agreement was made on 5.10.2009. The lease agreement makes no mention of any standing sugarcane crops. Sugarcane takes minimum of 4-6 months to ripen and be used as seed. He observed that the sales had been made even before the lease was e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee is dismissed. 17. In the result, the appeal filed by the assessee is dismissed. 18. In ITA No.363/CTK/2015, the grievance of the assessee is that the CIT(A) erred in confirming the levy of penalty of ₹ 5,69,730/- u/s.271(1)(c) of the Act. 19. At the outset, ld Authorised Representative of the assessee submitted that in the penalty order, the Assessing Officer has stated in para 5 at page 3 of the order that penalty proceedings u/s.271(1)(c) for concealment of income and for furnishing inaccurate particulars of income was initiated in respect of the additions made amounting to ₹ 18,88,159/-. He submitted that the Hon'ble Supreme Court in the case of CIT vs. SSA's. Emarld Meadows dated 11th January, 2017 passed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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