2018 (11) TMI 1850

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....r Section 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act'). Since common issue arises for consideration in both the appeals, we heard these appeals together and disposing of the same by this common order. 2. Shri C. Subramanian, the Ld. representative for the assessee, submitted that the assessee is a medical practitioner by profession. During the assessment years under consideration, according to the Ld. representative, the assessee claimed set off of losses in share trading against the professional income. The Assessing Officer, however, found that the transactions of purchase and sale of shares are speculative transactions without taking delivery of scrips. According to the Ld. representative, the assessee has furnishe....

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....have considered the rival submissions on either side and perused the relevant material available on record. The assessee apart from being a medical practitioner, is also engaged in share trading. The assessee admittedly suffered losses and set off those losses suffered in trading in shares against other income. The Assessing Officer, however, disallowed the claim of the assessee on the ground that the transactions in purchase and sale of shares are speculative transactions, therefore, it cannot be set off. The question now arises for consideration is whether making of claim, namely, set off of losses suffered in share trading amounts to furnishing of inaccurate particulars of income or not? 5. We have carefully gone through the provisions ....

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....her income. It is not the case of the Revenue that the assessee has concealed any part of income. The claim of the Ld. D.R. is that making the claim of set off in respect of losses suffered in share trading amounts to furnishing inaccurate particulars of income. 7. The question arises for consideration is whether mere making a claim for set off of losses in share trading amounts to furnishing of inaccurate particulars of income? This issue was considered by the Apex Court in CIT Vs. Reliance Petroproducts (P) Ltd. (2010) 322 ITR 158. The Apex Court found that after furnishing entire details, making a claim in the return of income does not amount to furnishing inaccurate particulars or concealing any part of income. This Tribunal is of the ....