Case Law Details
We are of the considered opinion that the transaction in respect of the share trading was duly disclosed at the time of filing of the return. Some of the income was shown as long-tern capital gain and part of the income was also shown as speculative business in shares/scripts trading. As per the annexures, the assessee has disclosed the names of the companies, description of the shares, date of transfer of shares, sale consideration, cost of acquisition and the index cost.
On the basis of the said calculation, the assessee has considered that the gain was long-term capital gain. However, that explanation of the assessee was not found satisfactory by the AO, therefore treated the same as speculative business. But the fact remained that there was no allegation of concealment of facts or dealing in sham transaction. Even this fact has also not been denied that some part of the trading in scripts/shares was disclosed by the assessee itself as speculative transaction. Meaning thereby the addition was made merely because of change in the head of income. On this issue, there are several decisions in favor of the assessee, as cited supra, wherein it was held that in the absence of any inaccuracy in the particulars of income or concealment of facts the penalty must not be levied. Respectfully following these decisions, we hereby reverse the findings of the authorities below and direct to delete the penalty.
ITAT “D” BENCH, AHMEDABAD
BEFORE SHRI MUKUL Kr.SHRAWAT, JUDICIAL MEMBER And
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