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2012 (10) TMI 249 - PUNJAB AND HARYANA, HIGH COURTPenalty u/s 271(1)(c) - booking losses on forward contract tantamounts to furnishing of inaccurate particulars of income - Held that:- The assessee had made a claim of loss on account of losses arising on a maturity of the forward contract, which in fact matured during the preceding year i.e. assessment year 2004-05 but were booked as expenditure during the year under consideration on the bank advice received for the aforesaid forward contracts. The said claim being rejected by the Assessing Officer as being not relating to the year under consideration cannot tantamount to furnishing of inaccurate particulars of income. As decided in CIT Versus RELIANCE PETROPRODUCTS FVT. LTD.[2010 (3) TMI 80 - SUPREME COURT] a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - no question of law arises in the present appeal as the revenue was unable to show that the assessee had intentionally not furnished correct particulars or the claim made was bad in law - in favour of assessee.
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