9911796707
TMI Blog2016 (8) TMI 1215X X X X Extracts X X X X X X X X Extracts X X X X ..... nalty in this case are that return declaring total income of Rs. 14,83,440/- was filed by the assessee. In this return, the assessee had shown total sale consideration of shares amounting to Rs. 11,25,000/- and after reducing the cost of shares amounting to Rs. 48,750/- Long Term Capital Gain on shares amounting to Rs. 10,76,250/- was shown. To verify the genuineness of the transactions, the Assessing Officer asked the assessee to furnish necessary evidence and details of the brokers, etc. From the details filed on record, the Assessing Officer noted that majority of profit of trading of shares was claimed from the scrip named Country Credit Capital Ltd. The Assessing Officer after conducting enquiries found the claim of the assessee to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter of the assessment in assessment year in appeal i.e. 2003-04. The assessee, admittedly, filed copies of the purchase bills and sale bills alongwith copies of the accounts of assessee in the books of brokers. All the transactions of sales have been conducted through D-Mat Account and through banking channel. The assessee also filed details to show that shares in question have been listed in Ahmedabad Stock Exchange. The authorities below have not accepted the explanation of the assessee in quantum proceedings because transfer of shares have not been conducted through recognized Stock Exchange. However, the assessee claimed that the sale of shares have been made through various registered Stock Exchange brokers and payments have been r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty was justified. 8(i) Hon'ble Delhi High Court in the case of CIT Vs Amit Jain 351 ITR 74 held as under : The assessee declared an income of Rs. 2,60,73,558 from short term capital gains. The Assessing Officer on an interpretation of the relevant provisions and having regard to the nature of transactions assessed it as income from business. He also levied penalty under section 271(l)(c) of the Income Tax Act, 1961, to the tune of Rs. 58,45,899 on the ground that the assessee had furnished inaccurate particulars of his income. The Commissioner (Appeals) cancelled the penalty. This was confirmed by the Tribunal. On appeal : Held, dismissing the appeal, that the amount in question, which formed the basis for the Assessing Officer to le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and circumstances noted above, in the light of the decisions of the Hon'ble Delhi High Court referred to above, I am of the view it is not a fit case for levy of penalty under section 271(1)(c) of the Act. I, accordingly, set aside the orders of authorities below and cancel the penalty. 11. In the result, appeal of the assessee is allowed." 4. It was, therefore, submitted that the issue was covered in favour of the assessee. The learned D.R. did not dispute the same. 5. On consideration of the above fact, we find that the learned CIT (Appeals) decided the appeal of the assessee alongwith Shri Rajnish Thakur through the impugned order dated 2.3.2015, the same order remained in appeal before the I.T.A.T., Chandigarh Bench in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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