TMI Blog2013 (10) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... Such a claim made in the return cannot amount to furnishing inaccurate particulars – Decided against the Revenue. - ITAT No. 126 of 2012, ITA No. 110 of 2012 - - - Dated:- 8-10-2013 - Girish Chandra Gupta And Tarun Kumar Das,JJ. For the Appellant : Ms. Smita Das De For the Respondent : Mr. R. N. Bajoria, Mr. S. K. Mehta , Mr. Anurag Bajoria JUDGMENT Girish Chandra Gupta J. The subject-matter of challenge in this appeal is a judgment and order dated 19th August, 2011, passed by the learned Income Tax Appellate Tribunal dismissing the appeal of the Revenue. The facts and circumstances of the case briefly stated are as follows:- During the assessment year 2005-2006 short-term capital gain amounting to Rs.1,62,05,046 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without assigning the reasons. Therefore, in our considered opinion the AO is not justified to treat part of the transactions in respect of some of the shares of the same company as short term capital gain and the balance as business income without bringing any material to this effect. Aggrieved by the order of the Tribunal the Revenue has come up in appeal. The appeal was admitted on the basis of the following questions put toward by the Revenue:- i) Whether on the facts and in the circumstances of the case the Tribunal was justified in law in directing the Assessing Officer to treat the surplus of Rs.1,62,05,046/- earned by the assessee on sale and purchase of Shares as short term capital gains instead of business income? ii) Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in the case of Commissioner of Income Tax v- Reliance Petroproducts Private Ltd. reported in (2010) 322 ITR 158 (SC) for the following propositions: Where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under Section 271(1)( c). A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars. Considering the facts and circumstances of the case and the settled position in law, we find no infirmity in the order of the Tribunal. No questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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