TMI Blog2015 (10) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfactory reply expressing his inability to attend the proceedings due to illness which has not been controverted. The assessment in question has been framed u/s 143(3) of the Act. Thus in the entirety of the facts and circumstances of the case, we hold that this is not a fit case for imposition of penalty of ₹ 10,000/- which is deleted. - Decided against Revenue. - ITA No. 599/JP/2013, ITA No. 90/JP/2013 - - - Dated:- 11-8-2015 - SHRI R.P. TOLANI AND SHRI T.R. MEENA, JJ. For The Assessee : Shri P.C. Parwal , CA For The Revenue : Smt. Neena Jeph, JCIT ORDER PER R.P. TOLANI, JM The Assessee has filed both the appeals against two different orders of the ld. CIT(A), Alwar dated 22-03-2013 and 29-11-2012 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm M/s Arjit Company who is running a NCDEX terminal in Alwar. Copy of assessee s account in the books of account of Arjit Co. and the copy of trading account of the NCDEX transaction wherein the loss of ₹ 5,31,132/- is suffered by the assessee is submitted. Assessee further submitted that he has entered into derivative transaction which cannot be considered as speculative transaction because of the inherent nature of such transactions. The ld. CIT(A) called for the remand report from the AO which was filed vide his report dated 13-12-2012 in which the AO accepted that impugned transaction had been made through NCDEX terminal. However, it was not ascertainable that NCDEX was a recognized stock exchange and notified by the Centra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce Bill, 2013 explained the amendment as under:- 149. There is no distinction between derivative trading in the securities market and derivative trading in the commodities market, only the underlying asset is different. It is time to introduce Commodities Transaction Tax (CTT) in a limited way. Hence, I propose to levy CTT on non-agricultural commodities future contracts at the same rate as on equity futures, that is commodities futures contracts at the same rates as on equity futures, that is at 0.001 per cent of the price of the trade. Trading in commodity derivatives will not be considered as speculative transaction and CTT shall be allowed as deduction if the income from such transaction forms part of business income. As I said, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in ITA No. 91/JP/2013 dated 20.02.2013 in case of Prem Prakash Uma Shankar. Since the issue has been decided by the coordinate Bench, we find no valid reason to deviate from the same. In the interest of judicial discipline, we respectfully follow the same and uphold ld. CIT(A) order. This solitary ground of the assessee is dismissed. 5.1 Now we take up the appeal of the assessee in ITA No. 90/JP/2013 wherein the assessee has raised following ground. That ld. AO has erred in law as well as on the facts and circumstances of the case in imposing a penalty of ₹ 10,000/- within the meaning of Section 271(1)(b) of the I. T. Act, 1961 and ld. CIT(A) has erred in sustaining the same. 5.2 The penalty in question was imposed f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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