Girdhari K Agrawal, Mumbai vs. Asst CIT 12(3), Mumbai
In the result, the assessee’s is dismissed
ITA 6292/MUM/2014[2009-10]Status: DisposedITAT Mumbai05 Oct 2016AY 2009-10
Bench: Shri Sanjay Arora, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No. 6292/Mum/2014 ("नधा"रण वष" / Assessment Year: 2009-10) Girdharilal K. Agrawal Asst. Cit-12(3), बनाम/ Room No. 658, 6Th Floor, 302, Vikas Building, 11, Bank Street, Fort, Aayakar Bhavan, M. K. Road, Vs. Mumbai-400 001 Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabpa 1257 E (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Miss Arati Vissanji ""यथ" क" ओर से/Respondent By : Shri Airiju Jaikaran सुनवाई क" तार"ख / : 23.06.2016 Date Of Hearing घोषणा क" तार"ख / : 05.10.2016 Date Of Pronouncement आदेश / O R D E R Per Sanjay Arora, A. M.: This Is An Appeal By The Assessee Directed Against The Order By The Commissioner Of Income Tax (Appeals)-23, Mumbai (‘Cit(A)’ For Short) Dated 11.7.2014, Confirming The Levy Of Penalty U/S. 271(1)(C) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) For The Assessment Year (A.Y.) 2009-10 Vide Order Dated 22.05.2012. 2. The Facts Of The Case In Brief Are That The Assessee, An Individual, Claimed Set Off Of Loss In Commodities (Rs.14,16,135/-) Against Speculative Income, I.E., To The Extent Available (Rs.5,31,333/-) & The Balance (Rs.8,84,802/-) Against Non-Speculative
For Appellant: Miss Arati VissanjiFor Respondent: Shri Airiju Jaikaran
Section 271(1)(c)Section 28Section 72(1)
…essee had, per his return of income, clearly preferred a wrong claim. Further, no basis for the formation of the belief as to the validity of the said claim had been disclosed. The ld. CIT(A), accordingly, relying on CIT vs. Zoom Communication (P) Ltd. [2010] 327 ITR 510 (Del) and CIT vs. HCIL Arsspl Triveni (in ITA No. 481/2012 dated 29.7.2013), also quoting from the latter, confirmed the penalty, also discussing the import of the decision in Reliance Petroproducts (P) Ltd. (supra), which he found, rather, as supportive of the Revenue’s case, as well as the decisions relied upon, 3 Girdharilal K. Agrawal vs. As…
