2018 (11) TMI 1850

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..... articulars or concealing any part of income. This Tribunal is of the considered opinion that if the assessee makes a claim after furnishing entire details, it is his personal opinion with regard to income-tax. There may be difference of opinion with regard to nature of transactions by the assessee at one end and opinion of Department at other end. This difference of opinion with regard to nature of transaction cannot be construed as furnishing inaccurate particulars of income as found by the Apex Court in Reliance Petroproducts (P) Ltd. (supra). - penalty levied by the assessee for both the assessment years are deleted. - Decided in favour of assessee.
Shri N.R.S. Ganesan, Judicial Member And Shri A. Mohan Alankamony, Accountant Member .....

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..... to be either furnishing inaccurate particulars or concealing any part of income. Therefore, according to the Ld. representative, the CIT(Appeals) is not justified in confirming the orders of the Assessing Officer. 3. On the contrary, Shri Guru Bashyam, the Ld. Departmental Representative, submitted that the assessee is engaged in speculative business in trading in futures and options through broker M/s Shreyas Stock Pvt. Ltd. According to the Ld. D.R., the assessee deliberately filed the return of income claiming set off of losses suffered in share trading against income from other source, therefore, the assessee has furnished inaccurate particulars of income. Since the assessee has furnished inaccurate particulars of income with regard t .....

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..... ellip; … …. …. …. …. …. …. …. …. … …. …. …. …. …. …. …. …. … …. (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, or he may direct that such person shall pay by way of penalty,-- (ii) in the cases referred to in clause (b), in addition to tax, if any, payable by him, a sum of ten thousand rupees for each such failure ; (iii) in the cases referred to in clause (c) or clause (d), in addition to tax, if any, payable by him, a sum which shall not be less than, but which shall not exceed 1three times, the amount of tax sought to be evaded by reason of the .....

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