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2009 (12) TMI 619 - ITAT DELHIPenalty u/s 271(1)(c) - concealment of income - Levy of penalty under deeming provisions of the Explanation to section 73 -Business loss as incurred by the assessee is treated as speculation loss for the purpose of computation of taxable income. - Held that:- Reliance placed on decision of hon'ble jurisdictional High Court in the case of Auric Investment & Securities Ltd. (2007 -TMI - 32807 - DELHI HIGH COURT), shows where all the requisite information as required by the Assessing Officer was furnished by the assessee and there is nothing on record to show that in furnishing its return of income the assessee has concealed his income or furnished any inaccurate particulars of such income, just on account of the treatment of business loss as speculation loss by the Assessing Officer does not automatically warrant the inference of concealment of income.we are of the view that the penalty levied under section 271(1)(c) of the Act is not exigible.
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