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2017 (3) TMI 194 - AT - Income TaxPenalty u/s 271(1)(c) - loss from trading of commodities through MCX exchange, a Speculation loss wrongly been set off by the assessee against his business income - Held that:- We find that it is a matter of record that the addition made by the A.O in the quantum proceedings by observing that the loss suffered by the assessee on trading of commodities through MCX exchange, being in the nature of speculation loss was thus not entitled to the set off against his business income, had been set aside by the CIT(A) with a clear direction to the A.O to treat the said loss as a business loss and allow set off of the same against the business income of the assessee. We further find that as the appeal of the department against the aforesaid order of the CIT(A) had been dismissed by the Tribunal, therefore, the same had attained finality. Thus as now when the very quantum addition in itself had been deleted on merits by the CIT(A), and the said order on having been dismissed by the Tribunal had thereafter got the stamp of finality, the penalty pertaining to the said addition therefore cannot survive - Decided in favour of assessee
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