COMMISSIONER OF INCOME TAX Vs. AURIC INVESTMENT & SECURITIES LTD.
HIGH COURT OF DELHI
COMMISSIONER OF INCOME TAX
Auric Investment And Securities Ltd.
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MADAN.B.GUPTA, J. -
(1.) 800/Del/2005 for the asst. yr. 2001 -02 dismissed the appeal of the Revenue and upheld the order of CIT(A) deleting the penalty amounting to Rs. 8,80,000 imposed by the AO under s. 271(1)(c) of the IT Act, 1961 (for short as 'Act').
(2.) Aggrieved with the order passed by the Tribunal, the Revenue has filed the present appeal. 3. selected for scrutiny and assessment was made at the loss of Rs. 85,259. During the assessment proceedings, the AO found that the loss claimed by the assessee was speculative in nature which could be allowed to be adjusted against
speculative income only and as the income was assessed at a loss, the loss shown by the assessee could not be
adjusted, therefore, the AO initiated penalty proceedings under s. 271(1)(c) of the Act.
(3.) The AO also held that the assessee had furnished inaccurate particulars of income to the extent of making a wrong claim of share trading loss against normal income and hence he was liable for imposition of penalty and, thus, penalty in question was imposed.
ratio of decision of the apex Court in CIT vs. Prithipal Singh and Co. (2001) 166 CTR (SC) 187 : (2001) 249 ITR 670 (SC). ;
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