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2018 (11) TMI 1850 - AT - Income TaxPenalty u/s 271(1)(c) - loss suffered in share trading has to be set off against the other income - whether mere making a claim for set off of losses in share trading amounts to furnishing of inaccurate particulars of income? - HELD THAT:- This issue was considered by the Apex Court in CIT Vs. Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT] as 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 considered opinion that if the assessee makes a claim after furnishing entire details, it is his personal opinion with regard to income-tax. There may be difference of opinion with regard to nature of transactions by the assessee at one end and opinion of Department at other end. This difference of opinion with regard to nature of transaction cannot be construed as furnishing inaccurate particulars of income as found by the Apex Court in Reliance Petroproducts (P) Ltd. (supra). - penalty levied by the assessee for both the assessment years are deleted. - Decided in favour of assessee.
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