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TMI Blog2020 (10) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... d any part of his income and also noted the argument of the Department before the Tribunal that claiming a set off in respect of losses would amount to furnishing of inaccurate particulars of income. This argument was considered for its correctness and the Tribunal followed the decision of Reliance Petroproducts Pvt., Ltd. [ 2010 (3) TMI 80 - SUPREME COURT ] and held that after furnishing the details and making a claim in the return of income, does not amount to furnishing inaccurate particulars or concealed any part of income. Tribunal, held that the assessee had made a claim after furnishing entire details and it is his personal opinion with regard to the computation of income tax and there may be difference of opinion with regard to natu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and circumstances of the case and the decision of the Income Tax Appellate Tribunal ought to have considered that the assessee is a Doctor by profession, but has also engaged in speculative business of trading in futures and options through broker claimed that the losses incurred in share trading was eligible to be set off against his professional income, thus furnishing inaccurate particulars of income in the return?. 3. We have elaborately heard Mr.M.Swaminathan, learned senior standing counsel assisted by Ms.V.Pushpa, leaned counsel appearing for the appellant and Mr.Amrith Bhargav, learned counsel for Mr.Harishankar Mani, learned counsel appearing for the respondent. 4. The matter pertains to levy of penalty under Section 271(1)(c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss incurred under various segments of trading carried out through M/s.Shreyas Stock Pvt., Ltd., was not available and hence the entire loss was claimed as loss on account of share trading. 3. It was only during the reassessment proceedings that the exact nature of loss came to light when the information was obtained from the broker. 4. The disallowance made u/s14A is of technical nature and no concealment of income can be inferred there from. 6. The assessing officer after considering reply of the assessee, sustained the proposal in the notice and imposed minimum penalty on the ground that there has been concealment of income and the furnishing of inaccurate particulars. The assessee carried the matter on appeal to the Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... officer, who passed the penalty order had used such expression alleging deliberate conduct of the assessee and ultimately, the appeals were dismissed by an order dated 27.11.2017. 9. The assessee carried the matter on appeal with the Tribunal. It was argued before the Tribunal that the assessee has furnished the details of transactions of sale and purchase of shares including trading in futures and options and the assessee's set off losses suffered in the share trading against other income and offered the net income for taxation. Thus, it was argued that merely because the assessee claimed a set off losses while filing the return of income, it cannot be construed that the assessee furnished inaccurate particulars or concealed any part o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... troproducts Pvt., Ltd., [2010] 322 ITR 158 and held that after furnishing the details and making a claim in the return of income, does not amount to furnishing inaccurate particulars or concealed any part of income. Further, the Tribunal, held that the assessee had made a claim after furnishing entire details and it is his personal opinion with regard to the computation of income tax and there may be difference of opinion with regard to nature of transaction by the assessee on the one end and the opinion of the department on the other end and such difference of opinion, cannot be construed as furnishing inaccurate particulars of income, as pointed out by the Hon'ble Supreme Court in Reliance Petroproducts Pvt., Ltd., Thus, upon noting t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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