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2011 (2) TMI 858 - PUNJAB AND HARYANA HIGH COURTPenalty under Section 271(1)(c) - Setting off of brought forward business losses against the capital gains - The Tribunal held that making incorrect claim would not tantamount to furnishing of inaccurate particulars unless it was established that the assessee had acted with mala fide intention or had claimed deductions being aware of the well settled legal position - Further, a perusal of the findings recorded by the Tribunal shows that the assessee had claimed deductions on account of set off of unabsorbed business losses against the income from the capital gains, which was held not to be mala fide - The Tribunal had observed that the assessee had disclosed all the particulars along with the return of income and, it was not a fit case for levy of penalty.
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