2026 (3) TMI 355

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... This appeal at the instance of the assessee is directed against the order of National Faceless Appeal Centre (NFAC)/ Commissioner of Income Tax (Appeals), Delhi ["CIT(A)"], dated 25/08/2025 passed under section 250 of the Income Tax Act, 1961 ("Act"), which is arising out of penalty order u/s. 271(1)(c) of the Act, dated 16/03/2022 for the Assessment Year (AY) 2016-17. 2. The sole grievance ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nitiated penalty proceedings u/s. 271(1)(c) of the Act for excess claim of speculation loss of Rs. 33,40,036/-. Subsequently, penalty proceedings were initiated by issuing notice u/s. 274 of the Act and finally, penalty order framed on 16/03/2022 levying penalty of Rs. 8,51,835/- on account of furnishing inaccurate particulars of income under the head "speculation loss" to the extent of Rs. 33,40,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed before us. So far as legal issue raised by the learned counsel for the assessee challenging the validity of penalty order being barred by limitation, he requested for not pressing this legal ground and therefore same is dismissed as not pressed. 8. So far as merits of the case are concerned, we find that the assessee during the year, has incurred two types of losses, namely speculation loss ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g of inaccurate particulars of income and thereafter has levied penalty. 9. We on going through the records, find that the assessee has furnished particulars of losses under the heads "speculation loss" and "short term capital loss" in the original return, but due to inadvertent mistake at the end of the Tax Consultant, the consolidated figure has been shown under the head "speculation loss". I....