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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 ..... assessment order which shows that the assessment was selected for limited 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 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 ..... AO, ACCOUNTANT MEMBER Appellant by : Mr. R. Vijayaraghavan, Advocate Respondent by : Ms. R. Anitha, JCIT 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 pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961, as the assessee had treated the transaction in Futures and Options as speculative transactions. The assessee 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 Representati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable on record. 6. In the present case, it is clear from the assessment order which shows that the assessment was selected for limited 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 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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