2012 (10) TMI 1223

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....Sh. R.L.Chhanalia, DR ORDER PER BENCH The assessee has filed 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 Rs. 1,00,000/-.....

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....a dealer/trader in shares and is an investor and is doing day to day trading in shares 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....

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....he authorities below. 5. We have heard the rival contentions and perused the relevant 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, dat....

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....IT(A) that the assessee was an investor in the shares and not a dealer in shares and 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 fai....