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TMI Blog2020 (2) TMI 1629X X X X Extracts X X X X X X X X Extracts X X X X ..... O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER: This is an appeal filed by the Assessee against the order of the learned Commissioner of Income Tax (Appeals)-7, Chennai in ITA No.7/CIT(A)-7/2018-19 dated 30.09.2019 for the Assessment Year 2015-16 confirming the levy of penalty u/s.271B of the Income Tax Act, 1961. 2. Mr. R. Vijayaraghavan, Advocate represented on behalf of the Assessee and Ms. R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee had prayed that the same was not liable to be considered as the turnover, in so far as there was no outflow of funds. It was a submission that the submission of the assessee was rejected and penalty levied. It was submitted by the learned Authorized Representative that in similar circumstances, the Co-ordinate Bench of this Tribunal, Pune Benches in the case of Banwari Sitaram Pasari [HUF] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d scrutiny to verify the derivatives, (Futures Transactions and Securities Transactions). The assessee has disclosed the loss against the Futures and Options as a speculative loss. However, the Assessing Officer treated the same as a business transaction. A perusal of the decision of the Co-ordinate Bench of this Tribunal, Pune Benches in the case of Banwari Sitaram Pasari [HUF] vs. Assistant Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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