TaxTMI 
TaxTMI 
2020 (10) TMI 624
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....sed by the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai ['Tribunal' for brevity] in I.T.A Nos.388 and 389/Chny/2018 for the assessment years and 2007-2008 and 2011-2012 respectively. 2. The Revenue has raised the following substantial questions of law for consideration: '1. Whether on the facts and in the circumstances of the case and the decision of the Income Tax Appellate Tribunal was correct in deleting the penalty levied u/s 271(1)(c)? 2. Whether on the 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 opt....
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....ise to initiation of penalty proceedings under Section 271(1)(c) of the Act?. In response of the show cause notice issued by the assessing officer proposing to levy penalty, the assessee stated as follows: '1. The loss from Anagram Securities Ltd., incurred in F&O trading amounting to Rs. 2,98,170/- could not be substantiated with necessary evidence as there was no current relationship with the said broker and hence details could not be obtained from them. 2. At the time of filing of the return, the breakup of the 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 wa....
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....urnished inaccurate particulars of income. Further, the assessing officer failed to take note of the conduct of the assessee during the quantum assessment by voluntarily bringing on record all the material and no contradictory information was furnished by the assessee. 8. The CITA was of the opinion that the assessee had deliberately filed the return of income without disclosing the transactions correctly and completely. We find that this observation is not borne out by any records, as neither the assessing officer, who completed the quantum assessment, nor the 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.....
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....39;s case that the assessee has furnished entire transaction details before the assessing officer. 12. Furthermore, the Tribunal has recorded a finding of fact that it was never the case of revenue that the assessee has concealed 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 Hon'ble Supreme Court in C.I.T., Ahmedabad V. Reliance Petroproducts 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 inaccur....