Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 53 - ITAT JAIPURPenalty imposed u/s 271(1)(c) - assessee claimed short-term capital loss on sale of shares - Held that:- There is no dispute with regard to the fact that the assessee had placed all materials before the Assessing Officer. Therefore, it cannot be inferred that the assessee concealed the factum of the transaction from the Assessing Officer. The assessee claimed short-term capital loss on sale of shares. This transaction was duly reflected by the assessee. The Revenue’s contention is that this transaction is colorable device to avoid liability of capital gain tax on account of sale of long-term capital asset. It is also undisputed that the assessee had disclosed all the materials before the authorities below and the law is well settled that penalty proceedings and quantum proceedings are two different and distinct proceedings. The claim of the assessee was reiterated on the ground that in quantum the assessee has claimed short-term capital loss on account of sale of shares. A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. See COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT ] - Decided in favour of assessee
|