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2012 (8) TMI 338 - ITAT MUMBAILevy penalty u/s.271(1)(c) - short term capital loss of dividend stripping not shown - Held that:- Assessee has offered the amount on account of short term capital loss of dividend stripping as per section 94(7) when a query was raised by the AO - Merely for committing the lapse by the assessee does not amount to furnishing inaccurate particulars of income as for not reducing the loss on account of dividend stripping from the total short term capital loss declared by the assessee due to mismatch in the computer calculation is an inadvertent mistake for which assessee has given an explanation and the said explanation cannot be rejected outright - it is not a fit case for levy of penalty u/s 271(1)(c) - in favour of assessee.
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