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2011 (2) TMI 911 - ITAT DELHIPenalty for concealement of Income or furnishing inaccurate particulars- Share of brought forward loss of partnership set off against business income of partner in his hands- Held that:- It is true that mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of the income of the assessee, but it cannot be disputed that the claim made by the assessee needs to be bona fide. If the claim besides being incorrect in law is mala fide, Explanation 1 to section 271(1)(c) would come into play and work to the disadvantage of the assessee. Penalty in cases of claims which are wholly unsubstantial in law is to be upheld. See CIT v. Zoom Communication (P.) Ltd. (2010 - tmi - 75987 - Delhi High Court). - Decided in favor of the Revenue.
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