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TMI Blog2012 (10) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... the present appeal against the impugned order of CIT(A), Amritsar, dated 23.04.2012 for the assessment year 2007-08 on the following grounds: 1. That Ld. CIT(A), Amritsar has grossly erred in confirming the order passed by ACIT, Circle V, Amritsar, levying penalty u/s 271B of the Income Tax Act, 1961 at ₹ 1,00,000/-. 2. That both Ld. CIT(A), Amritsar and ACIT, Circle V, Amritsar, hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares and also involved in F O segment. He further stated that the assessee is not taking delivery of shares and buying selling the shares is speculative transaction and is not liable to get its accounts audited under section 44AB of the Income-tax Act, 1961 ( In short, the Act ). Therefore, the penalty levied by the AO and confirmed by the ld. CIT(A) is without any basis and is liable to be d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levant material available with us, especially the orders passed by the Revenue Authorities alongwith documentary evidence filed by the assessee in the shape of paper book in which, the ld. counsel for the assessee has attached copy of statement of taxable income for the assessment years 2004-05, 2005-06, 2006-07, date-wise transaction of assessee of purchase sale of shares (Day Trading) for 01.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd that for F O segment. The assessee has also failed to prove before the Revenue authorities that the assessee has not taken delivery of shares in dispute. On the second argument regarding non-maintenance of books of account by the assessee and non leviable of penalty u/s 271B of the Act, the assessee has also failed to establish sufficient and reasonable cause for not getting the accounts audi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s set aside to the file of the A.O. for deciding the same afresh in accordance with law after affording reasonable opportunity of being heard to the assesse. Thus, the appeal of the assessee is allowed for statistical purposes. 6. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the open court on 10th October, 2012. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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