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2020 (10) TMI 624 - HC - Income TaxPenalty u/s 271(1)(c) - set off the losses incurred in the share trading business from that of the professional income disallowed - whether making of a claim of set off losses suffers in share trading would amount to furnishing inaccurate particulars of income? - Tribunal found in the assessee's case that the assessee has furnished entire transaction details before the AO - HELD THAT:- 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 Reliance Petroproducts Pvt., Ltd. [2010 (3) TMI 80 - SUPREME COURT] and held that after furnishing the details and making a claim in the return of income, does not amount to furnishing inaccurate particulars or concealed any part of income. Tribunal, held that the assessee had made a claim after furnishing entire details and it is his personal opinion with regard to the computation of income tax and there may be difference of opinion with regard to nature of transaction by the assessee on the one end and the opinion of the department on the other end and such difference of opinion, cannot be construed as furnishing inaccurate particulars of income. It is not clear as to when the assessments were taken up for consideration and whether they were simultaneously taken up; and in any event, as always argued by the revenue before us, each assessment year is distinct and different and we find that this cannot be a ground to upset the factual finding recorded by the Tribunal. - Decided against revenue.
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